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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

Abstract: 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)
New Economics Papers: this item is included in nep-fdg and nep-gro
Date: 2015-05
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