Deterministic Chaos in Economics: An Occurrence in Axiomatic Utility Theory

Paul Samuelson

Chapter 5 in Nonlinear and Multisectoral Macrodynamics, 1990, pp 42-63 from Palgrave Macmillan

Abstract: Abstract Edward N. Lorenz, MIT meteorologist, made a pivotal analytical breakthrough when he discovered in 1963 deterministic chaos (Lorenz, 1963). Previously scholars tended to regard stochastic and deterministic models as distinct categories, mutually exclusive. Now we know better.

Keywords: Equilibrium Point; Periodic Motion; Strange Attractor; Stable Limit Cycle; Deterministic Chaos (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-10612-7_5

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