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Non-linear Dynamics and Chaos in Optimal Growth: An Example

In: Nonlinear Dynamics in Equilibrium Models

Author

Listed:
  • Kazuo Nishimura

    (Kyoto University)

  • Makoto Yano

    (Kyoto University)

Abstract

In the recent literature, it has been demonstrated that optimal capital accumulation may be chaotic; see Boldrin and Montrucchio (1986) and Deneckere and Pelikan (1986).1 This finding indicates, as Scheinkman (1990) discusses, that the deter- ministic equilibrium model of a dynamic economy may explain various complex dynamic behaviors of economic variables, and, in fact, search for such explanations has already begun (see Brock 1986; Scheinkman and LeBaron 1989, for example).

Suggested Citation

  • Kazuo Nishimura & Makoto Yano, 2012. "Non-linear Dynamics and Chaos in Optimal Growth: An Example," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 127-150, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-22397-6_6
    DOI: 10.1007/978-3-642-22397-6_6
    as

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