Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market

Junhai Ma and Lingling Mu

Discrete Dynamics in Nature and Society, 2007, vol. 2007, 1-14

Abstract:

We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling bifurcation. The chaotic features are justified numerically via computing maximal Lyapunov exponents and sensitive dependence on initial conditions. The delayed feedback control (DFC) method is applied to control the chaos of system.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnddns:029207

DOI: 10.1155/2007/29207

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