This paper surveys the literature on cyclical and chaotic equilibrium paths in deterministic optimal growth models with infinitely lived agents. We focus on discrete time models but also briefly mention results for continuous time models. We start by reviewing those results that have been proved...

This paper surveys the literature on cyclical and chaotic equilibrium paths in deterministic optimal growth models with infinitely lived agents. We focus on discrete time models but also briefly mention results for continuous time models. We start by reviewing those results that have been proved...

This paper surveys the literature on cyclical and chaotic equilibrium paths in deterministic optimal growth models with infinitely lived agents. We focus on discrete time models but also briefly mention results for continuous time models. We start by reviewing those results that have been proved...

We extend the model from Tornell and Velasco [13] and Tornell and Lane [12] by adding three features: (i) extracting the common property asset involves a private appropriation cost, (ii) agents derive utility from wealth as well as from consumption, and (iii) agents can be heterogeneous. We show...