Observability of Chaotic Economic Dynamics in the Matsuyama Model
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
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.
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:699
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