Periodicity versus chaos in the dynamics of cobweb models
Article Abstract:
A study that explicitly considers the impact of two or more simultaneously varied parameters of the cobweb model with adaptive expectation is conducted. This demonstrates that there are several features expected to be observed, hence measured, in the variable. Through the use of reliable numerical methods, it is shown that extended fractal sets in parameter space are comparatively common features to be expected for models usually employed to define economic processes. Moreover, several different avenues to chaos can be observed through the selection of suitable paths in the parameter space.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1996
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Non-linear structure of a Metzlerian inventory cycle model
Article Abstract:
An inventory-holding company's optimizing behavior was considered to effectively analyze the microeconomic foundation of the non-linear macrodynamic model. The strategy proved useful in deriving solutions to existing value maximization problems found under myopic and dynamic perfect formation of expectation. Companies with myopic perfect formation were found to be highly capable of producing cyclical macrodynamics unlike their counterparts with dynamic perfect formation.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1998
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Robustness of nonlinearity and chaos tests to measurement error, inference method, and sample size
Article Abstract:
Five tests for nonlinearity or chaos were applied to several monetary aggregate data series. Inferences were found to be inconsistent across methods of inference, sample size or data aggregation technique. The results showed that empirical difficulties in testing for nonlinearity or chaos could be attributed to the lack of robustness in inferences.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1995
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