A discrete tatonnement process is analysed within the context of a two-person, two-good exchange economy where each person has a Cobb-Douglas utility function. This process is shown to exhibit period doubling bifurcation, topological and ergodic chaos

There are three types of "Anything Goes" results: two of them from economic theory and one from the realms of dynamical systems. The study considers the implications of such results and tries to identify conditions under which certain types of conclusions may be implied: convergence, cycles or...

The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...

The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined. It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of...