Multiple equilibria and chaos in a discrete tâtonnement process Report as inadecuate




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Abstract

The purpose of this note is to demonstrate a sufficient condition for a discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases, the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.



Item Type: MPRA Paper -

Original Title: Multiple equilibria and chaos in a discrete tâtonnement process-

Language: English-

Keywords: Multiple equilibria, Tâtonnement process; Nonlinear dynamics; Chaos-

Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B21 - MicroeconomicsE - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; CyclesC - Mathematical and Quantitative Methods > C0 - General > C02 - Mathematical MethodsC - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C62 - Existence and Stability Conditions of Equilibrium-





Author: Kaizoji, Taisei

Source: https://mpra.ub.uni-muenchen.de/40795/







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