Fractal Attractors and Singular Invariant Measures in Two-Sector Growth Models with Random Factor Shares

Davide La Torre, Simone Marsiglio, Franklin Mendivil () and Fabio Privileggi

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: We analyze a multi-sector growth model subject to random shocks affecting the two sector-specific production functions twofold: the evolution of both productivity and factor shares is the result of such exogenous shocks. We determine the optimal dynamics via Euler-Lagrange equations, and show how these dynamics can be described in terms of an iterated function system with probability. We also provide conditions that imply the singularity of the invariant measure associated with the fractal attractor. Numerical examples show how specific parameter configurations might generate distorted copies of the Barnsley’s fern attractor.

Pages: pages 23
Date: 2016-12
New Economics Papers: this item is included in nep-gro
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201620

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