Observability of Chaotic Economic Dynamics in the Matsuyama Model

Makoto Yano, Kenji Sato and Yuichi Furukawa
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Kenji Sato: Graduate School of Economics, Kyoto University

No 699, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This study investigates the observability of chaotic economic dynamics in the Matsuyama model of endogenous growth with innovation and capital accumulation. We demonstrate that the Matsuyama system can be an ergodic chaos for a wide range of parameter values; as is well known, in an ergodic chaos, chaotic behavior is observable for almost every initial state while it is not in a topological chaos. This result extends the work of Mitra and Mukherji, who prove the possibility of a topological chaos and demonstrate the observability of a chaos by using bifurcation diagrams.

Pages: 14pages
Date: 2010-03
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:699

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