Chaotic Equilibria in Models with Ill-Defined Forward Dynamics

David Stockman and Judy Kennedy ()
Additional contact information
Judy Kennedy: Department of Mathematics,University of Delaware

No 06-03, Working Papers from University of Delaware, Department of Economics

Abstract: Some economic models like the cash-in-advance model of money or overlapping generations model have the property that the dynamics are ill-defined going forward in time, but well-defined going backward in time. In such instances, what does it mean for an ill-defined dynamical system to be chaotic? Furthermore, under what conditions are such dynamical systems chaotic? In this paper, we provide a definition of chaotic that is in the spirit of Devaney for a dynamical system with ill-defined forward dynamics. We utilize the theory of inverse limits to provide necessary and sufficient conditions for such a dynamical system to be chaotic

Keywords: cash-in-advance; overlapping generations; chaos; inverse limits (search for similar items in EconPapers)
JEL-codes: C6 E3 E4 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2006
New Economics Papers: this item is included in nep-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://graduate.lerner.udel.edu/sites/default/file ... 2006/UDWP2006-03.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2006/UDWP2006-03.pdf [301 Moved Permanently]--> https://lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2006/UDWP2006-03.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dlw:wpaper:06-03

Access Statistics for this paper

More papers in Working Papers from University of Delaware, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Saul Hoffman ().