Multiple equilibria and chaos in a discrete tâtonnement process
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.
Year of publication: |
2010
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Authors: | Kaizoji, Taisei |
Published in: |
Journal of Economic Behavior & Organization. - Elsevier, ISSN 0167-2681. - Vol. 76.2010, 3, p. 597-599
|
Publisher: |
Elsevier |
Keywords: | Multiple equilibria Tatonnement process Nonlinear dynamics Chaos |
Saved in:
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