Multiple equilibria and chaos in a discrete tâtonnement process

Taisei Kaizoji ()

Journal of Economic Behavior & Organization, 2010, vol. 76, issue 3, 597-599

Abstract: The purpose of this note is to demonstrate a sufficient condition for a discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases, the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.

Keywords: Multiple; equilibria; Tatonnement; process; Nonlinear; dynamics; Chaos (search for similar items in EconPapers)
Date: 2010
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Working Paper: Multiple equilibria and chaos in a discrete tâtonnement process (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:76:y:2010:i:3:p:597-599

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