Cycles and chaos in the one-sector growth model with elastic labor supply
Gerhard Sorger ()
Vienna Economics Papers from University of Vienna, Department of Economics
It is shown that the discrete-time version of the neoclassical one-sector optimal growth model with endogenous labor supply and standard assumptions on technology and preferences admits periodic solutions of any period as well as chaotic solutions. Solutions with period 2 are possible for any time-preference factor between 0 and 1, whereas the existence of periodic solutions with other periods and the existence of chaotic solutions are only demon- strated by means of a speci c example involving strong time-preference. The results are derived via constructive proofs that use Cobb-Douglas production functions.
JEL-codes: C61 O41 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:vie:viennp:1505
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