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Asset price and wealth dynamics with heterogeneous expectations : a deterministic nonlinear structural model approach

Florian Heitger - 2010

Based on a classical financial market model different model variants known from the literature are discussed and analyzed, each focussing on modeling financial markets as a nonlinear dynamic system by introducing the formation of (heterogeneous) beliefs about future asset prices into the model...

Persistent link: https://www.econbiz.de/10009428980

The Futility of Utility: how market dynamics marginalize Adam Smith

McCauley, Joseph L. - Volkswirtschaftliche Fakultät, … - 1999

General Equilibrium Theory in econometrics is based on the vague notion of utility. Prices, dynamics, and market equilibria are supposed to be derived from utility. Utility is sometimes treated like a potential, other times like a Lagrangian. Illegal assumptions of integrability of actions and...

Persistent link: https://www.econbiz.de/10005837138

Bifurcation, Chaos and Attractor in the Logistic Competition

Małgorzata, Guzowska - In: Folia Oeconomica Stetinensia 10 (2012) 2, pp. 7-18

This paper deals with a two-dimensional discrete time competition model. The corresponding twodimensional iterative map is represented in terms of its bifurcation diagram in the parameter plane. A number of bifurcation sequences for attractors and their basins are studied.

Persistent link: https://www.econbiz.de/10011008125

CHAOS, STRATEGY, AND ACTION: HOW NOT TO FIDDLE WHILE ROME BURNS

PHILLIPS, FRED; SU, YU-SHAN - In: International Journal of Innovation and Technology … 10 (2013) 06, pp. 1340030-1

channels of supply and communication have disappeared or become unreliable; we are literally managing in chaos, and traditional … for survival in times of chaos. It introduces new management cycles as alternatives to Fayol's classic management cycle …, and a corresponding taxonomy of organizational situations, including stable, chaos, edge of chaos, and disaster. It aims …

Persistent link: https://www.econbiz.de/10011010935

Testing for Nonlinear Structure and Chaos in Economic Time. A Comment.

Hommes, Cars; Manzan, Sebastiano - Tinbergen Instituut - 2006

This short paper is a comment on ``Testing for Nonlinear Structure and Chaos in Economic Time Series'' by Catherine … outliers and noisy chaos. In particular, we include some new simulations to investigate whether economic time series may be … characterized by low dimensional noisy chaos. …

Persistent link: https://www.econbiz.de/10011255740

Counter Intuitive Results in a Simple Model of Wage Negotiations

Houba, Harold; Lomwel, Gijsbert van - Tinbergen Instituut - 1998

See also 'Counter Intuitive Results in a Simple Model of Wage Bargaining' in Economic Theory (2001). Volume 17, p. 81-99). Short-term contracts and exogenous productivity growth are introduced in asimple wage bargaining model. The equilibrium utilities corresponding tomilitant union behaviour...

Persistent link: https://www.econbiz.de/10011256694

Nonlinear and Complex Dynamics in Economics

Barnett, William A.; Serletis, Apostolos; Serletis, Demitre - Volkswirtschaftliche Fakultät, … - 2012

dynamical complexity, characterizing chaos and near chaos, as commonly found in the physical sciences. The paper also surveys … complexity, chaos, and other related concepts precise, having in mind their (actual or potential) applications to economically … policy relevancy of chaos. …

Persistent link: https://www.econbiz.de/10011257846

Does Monetary Policy cause Randomness or Chaos? A Case Study from the European Central Bank

Sanderson, Rohnn - Volkswirtschaftliche Fakultät, … - 2013

Using the HICP (Harmonized Index of Consumer Prices) the author tests the series for the makeup of its dynamic components both before and after the start of stage three of the European Central Bank’s (ECB) monetary policy directive. While it appears ECB is meeting its stated objective, it is...

Persistent link: https://www.econbiz.de/10011257941

Short-term Dependence in Time Series as an Index of Complexity: Example from the S&P-500 Index

Dominique, C-Rene; Rivera-Solis, Luis Eduardo - Volkswirtschaftliche Fakultät, … - 2012

The capital market is a reflexive dynamical input/output construct whose output (time series) is usually assessed by an index of roughness known as Hurst’s exponent (H). Oddly enough, H has no theoretical foundation, but recently it has been found experimentally to vary from persistence (H ...

Persistent link: https://www.econbiz.de/10011257963

Endogenous Cycles in Rural to Urban Migration

Gangopadhyay, Partha - In: Journal of Interdisciplinary Economics 27 (2015) 1, pp. 76-105

We argue that the cost of ruralâ€“urban migration may act as an effective entry deterrence for successful migration to the urban sector. This cost results in some form of price rationing as the cash holding of a typical rural household falls short of the required cost. We demonstrate that...

Persistent link: https://www.econbiz.de/10011207106

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