2003年8月
Stability, chaos and multiple attractors: a single agent makes a difference
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
- ,
- ,
- 巻
- 27
- 号
- 10
- 開始ページ
- 1917
- 終了ページ
- 1938
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/S0165-1889(02)00090-8
- 出版者・発行元
- ELSEVIER SCIENCE BV
This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the dynamical properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers; cautious adapters and naive optimizers. In a market of naive optimizers a single cautious, adapter stabilizes the otherwise exploding market. In a market of cautious adapters a single naive optimizer may destabilize the market; without him there exists at most one periodic attractor in the market but with him there may appear many (and even infinitely many) coexisting periodic attractors. (C) 2002 Elsevier Science B.V. All rights reserved.
- リンク情報
- ID情報
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- DOI : 10.1016/S0165-1889(02)00090-8
- ISSN : 0165-1889
- Web of Science ID : WOS:000182743000010