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Some reflections on past and future of nonlinear dynamics in economics and finance

Mikhail Anufriev (), Davide Radi () and Fabio Tramontana ()

Decisions in Economics and Finance, 2018, vol. 41, issue 2, No 1, 118 pages

Abstract: Abstract This paper offers an overview of the literature on the economic and financial applications of theory of nonlinear dynamics, especially bifurcation theory. After a short introductory discussion of the first nonlinear dynamic models in social sciences and the economic relevance of the zoo of bifurcations and complicated dynamics that such models can generate, we present an overview of the literature on nonlinear dynamic models in the areas of underdevelopment, environmental poverty traps, the management of common goods, industrial organization and financial markets. The review of the literature is enriched by reflections and ideas for future research.

Keywords: Nonlinear systems; Bifurcation theory; Complex phenomena in economics and finance; Models of bounded rationality and information; Heterogeneous agents; C02; D40; G12; L13; O10; O40; Q50 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/s10203-018-0229-9

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