Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function

Serena Brianzoni, Cristiana Mammana and Elisabetta Michetti
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Serena Brianzoni: Università Politecnica delle Marche
Cristiana Mammana: Università di Macerata
Elisabetta Michetti: Università di Macerata

No 70-2012, Working Papers from Macerata University, Department of Finance and Economic Sciences

Abstract:

We study the dynamics shown by the discrete time neoclassical one-sector growth model with differential savings as in Bohm and Kaas (2000) while assuming a nonconcave production function in the form given by Capasso et. al. (2010). We prove that complex features are exhibited related both to the structure of the coexixting attractors and to their basins. We also show that complexity emerges if the elasticity of substitution between production factors is low enough and shareholders save more than workers, confirming the results obtained while considering concave production functions (see, for instance, Brianzoni et al. (2007) (2009) and (2011)).

Date: 2012-12, Revised 2015-09
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Citations: View citations in EconPapers (4)

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