Ergodic cobweb chaos
type: Item
instance of: scholarly article
title: Ergodic cobweb chaos
zbMATH Open document ID: 0953.91059
DOI: 10.1155/S1026022697000149
published in: Discrete Dynamics in Nature and Society
publication date: 2001-02-01T00:00:00Z
full work available at URL: https://eudml.org/doc/120750
review text: Summary: This study augments the traditional linear cobweb model with lower and upper bounds for variations of output. Its purpose is to detect the relationship between the output constraints and the dynamics of the modified model. Due to the upper and lower bounds, a transitional function takes on a tilted \(z\)-profile having three piecewise segments with two turning points. It prevents the price (or quantity) dynamics from explosive oscillations. This study demonstrates, by presenting numerical examples, that the modified cobweb model can generate various dynamics ranging from stable periodic cycles to ergodic chaos if a product of the marginal propensity to consume and the marginal product is greater than unity.
Mathematics Subject Classification ID: 91B84
Mathematics Subject Classification ID: 37N40
Mathematics Subject Classification ID: 91B62
zbMATH DE Number: 1337755
zbMATH Keywords: ergodic chaos
zbMATH Keywords: Cobweb dynamics
zbMATH Keywords: quality constraints
author: Akito Matsumoto
MaRDI profile type: Publication
OpenAlex ID: W2077422342
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description: scientific article; zbMATH DE number 1337755