Multiple equilibria and chaos in a discrete tâtonnement process

The purpose of this note is to demonstrate a sufficient condition for a discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases, the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.

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Year of publication:	2010-07-15
Authors:	Kaizoji, Taisei

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Kaizoji, Taisei (2010): Multiple equilibria and chaos in a discrete tâtonnement process. Published in: Journal of Economic Behavior and Organization , Vol. 76, (1 September 2010): pp. 597-599.
Classification:	B21 - Microeconomics ; E32 - Business Fluctuations; Cycles ; C02 - Mathematical Methods ; C62 - Existence and Stability Conditions of Equilibrium
Source:	BASE

Persistent link: https://www.econbiz.de/10015233414