Chaotic tatonnement |
| |
Authors: | Venkatesh Bala Mukul Majumdar |
| |
Institution: | (1) Department of Economics, McGill University, H3A 2T7 Montréal, Québec, Canada;(2) Department of Economics, Cornell University, 14853 Ithaca, NY, USA |
| |
Abstract: | Summary Debreu's theorem on excess demand functions is used to demonstrate the possibilities of ergodic and topological chaos in a discrete-time tatonnement process with only two goods. The result is in sharp contrast with the well-known result of Arrow and Hurwicz on system stability in a continuous time model of price adjustment with two commodities.We would like to thank Professors Jess Benhabib, Richard Day, John Guckenheimer, Philip Holmes, Nicholas Kiefer and Tapan Mitra. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|