Non-linear Dynamics and Chaos in Optimal Growth: An Example

Kazuo Nishimura and Makoto Yano ()
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Makoto Yano: Kyoto University

Chapter Chapter 6 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 127-150 from Springer

Abstract: Abstract In the recent literature, it has been demonstrated that optimal capital accumulation may be chaotic; see Boldrin and Montrucchio (1986) and Deneckere and Pelikan (1986).1 This finding indicates, as Scheinkman (1990) discusses, that the deter- ministic equilibrium model of a dynamic economy may explain various complex dynamic behaviors of economic variables, and, in fact, search for such explanations has already begun (see Brock 1986; Scheinkman and LeBaron 1989, for example).

Keywords: Discount Factor; Optimal Path; Policy Function; Optimal Growth Model; Cyclical Point (search for similar items in EconPapers)
Date: 2012
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Journal Article: Nonlinear Dynamics and Chaos in Optimal Growth: An Example (1995)
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DOI: 10.1007/978-3-642-22397-6_6

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