Multiple equilibria and chaos in a discrete tâtonnement process

The purpose of this note is to demonstrate a sufficient condition for 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.

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Year of publication:	2010-07-15
Authors:	Kaizoji, Taisei
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Multiple equilibria \| Tâtonnement process \| Nonlinear dynamics \| Chaos

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	D50 - General Equilibrium and Disequilibrium. General ; B21 - Microeconomics ; C02 - Mathematical Methods
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008599123