Dynamical Systems Arising from Infinite Time Horizon Optimization Models

Kazuo Nishimura and Alain Venditti

G.R.E.Q.A.M. from Universite Aix-Marseille III

Abstract: We study cycles and chaos in economic models. Autonomous dynamical systems are considered through infinite time horizon optimization models. We first show how endogenous fluctuations arise in a multisector growth model. Secondly, we consider an extension of this model by allowing direct influences of the production activity among agents. This is what economists call external effects. We show how indeterminacy, i.e. a multiplicity of equilibrium paths from the same initial point, appears.

Keywords: GROWTH MODELS; EXTERNALITIES; ECONOMIC MODELS (search for similar items in EconPapers)
JEL-codes: C62 E32 O41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2000
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:aixmeq:00c03

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