Discrete time price adjustment processes may fail to converge and may exhibit periodic or even chaotic behavior. To avoid large price changes, a version of the discrete time tâtonnement process for reaching an equilibrium in a pure exchange economy based on a cautious updating of the prices has been proposed two decades ago. This modification leads to a one dimensional bimodal piecewise smooth map, for which we show analytically that degenerate bifurcations and border collision bifurcations play a fundamental role for the asymptotic behavior of the model.
Foroni, I., Avellone, A., & Panchuk, A. (2016). Sudden transition from equilibrium stability to chaotic dynamics in a cautious tâtonnement model. JOURNAL OF PHYSICS. CONFERENCE SERIES, 692(1), 012005.
Citazione: | Foroni, I., Avellone, A., & Panchuk, A. (2016). Sudden transition from equilibrium stability to chaotic dynamics in a cautious tâtonnement model. JOURNAL OF PHYSICS. CONFERENCE SERIES, 692(1), 012005. |
Tipo: | Articolo in rivista - Articolo scientifico |
Carattere della pubblicazione: | Scientifica |
Presenza di un coautore afferente ad Istituzioni straniere: | Si |
Titolo: | Sudden transition from equilibrium stability to chaotic dynamics in a cautious tâtonnement model |
Autori: | Foroni, I; Avellone, A; Panchuk, A |
Autori: | FORONI, ILARIA (Primo) AVELLONE, ALESSANDRO (Secondo) |
Data di pubblicazione: | 2016 |
Lingua: | English |
Rivista: | JOURNAL OF PHYSICS. CONFERENCE SERIES |
Digital Object Identifier (DOI): | http://dx.doi.org/10.1088/1742-6596/692/1/012005 |
Appare nelle tipologie: | 01 - Articolo su rivista |
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