E&F Chaos: a user friendly software package for nonlinear economic dynamics

The use of nonlinear dynamic models in economics and finance hasexpanded rapidly in the last two decades.Numerical simulation is crucial in the investigationof nonlinear systems.E&FChaos is an easy-to-use and freely available softwarepackage for simulation of nonlinear dynamic models to investigate stability of steadystates and the presence of periodic orbits and chaos by standard numerical simulationtechniques such as time series, phase plots, bifurcation diagrams, Lyapunov exponentplots, basin boundary plots and graphical analysis. The package contains many wellknownnonlinear models, including applications in economics and finance, and is easyto use for non-specialists. New models and extensions or variations are easy to implementwithin the software package without the use of a compiler or other software.The software is demonstrated by investigating the dynamical behavior of some simpleexamples of the familiar cobweb model, including an extension with heterogeneousagents and asynchronous updating of strategies. Simulations with the E&F Chaossoftware quickly provide information about local and global dynamics and easily leadto challenging questions for further mathematical analysis.