Chaotic Tatonnement

Venkatesh Bala and Mukul Majumdar

Economic Theory, 1992, vol. 2, issue 4, 437-45

Abstract: Debreu's theorem on excess demand functions is used to demonstrate the possibilities of ergodic and topological chaos in a discrete-time tatonnement process with only two goods. The result is in sharp contrast with the well-known result of Arrow and Hurwicz on system stability in a continuous time model of price adjustment with two commodities.

Date: 1992
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