Indivisible labor implies chaos |
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Authors: | Takashi Kamihigashi |
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Institution: | (1) Department of Economics, SUNY–Stony Brook, Stony Brook, NY 11794-4384, USA (e-mail: tkamihigashi@datalab2.sbs.sunysb.edu), US |
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Abstract: | Summary. We study a simple infinite horizon model with indivisible labor. We characterize the optimal plans under the assumptions
that and that , where R is the gross interest rate and is the discount factor. We show that under those assumptions, optimal plans are almost always asymptotically nonperiodic
unless initial wealth is excessively small or large.
Received: May 25, 1999; revised version: June 24, 1999 |
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Keywords: | and Phrases: Indivisible labor Chaos Complex dynamics |
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