Optimal Chaos, Nonlinearity and Feasibility Conditions

Kazuo Nishimura and Makoto Yano

Economic Theory, 1994, vol. 4, issue 5, 689-704

Abstract: This study constructs a class of dynamic models in which optimal paths are generated by nonlinear transition functions similar to a tent map. We provide a sufficient condition under which such a transition function is a chaotic map. This characterization provides a way to construct complex nonlinear dynamics in a broad range of dynamic economic models.

Date: 1994
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