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Fractal Attractors in Economic Growth Models with Random Pollution Externalities

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

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

Abstract: We analyze a discrete time two-sector economic growth model where the production technologies in the final and human capital sectors are affected by random shocks both directly (via productivity and factor shares) and indirectly (via a pollution externality). We determine the optimal dynamics in the decentralized economy and show how these dynamics can be described in terms of a two-dimensional affine iterated function system with probability. This allows us to identify a suitable parameter configuration capable of generating exactly the classical Barnsley’s fern as the attractor of the log-linearized optimal dynamical system.

New Economics Papers: this item is included in nep-gro
Date: 2018-02
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