We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
UNSCRAMBLING THE CONCEPT OF CHAOS THROUGH THICK AND THIN: REPLY.
- Authors
Day, Richard H.
- Abstract
This article explores the existence of observable chaos for a Keynesian business cycle model. On the basis of this work it is clear that observable chaos can exist and be robust for a continuum of parameter values for a large class of difference equations that arise quite naturally in economics. The functional forms for this class involve piece-wise smooth functions--in effect, switching regimes. It is shown that the asymptotic behavior of solutions changed erratically within what is now known to be the chaos zone. In a complex, essentially unpredictable behavior is a structurally stable feature of nonlinear difference equations through some range of parameter values, though the asymptotic behavior of solutions may be highly unstable in that range.
- Subjects
CHAOS theory; KEYNESIAN economics; BUSINESS cycles; ECONOMIC activity; ECONOMIC models; NONLINEAR difference equations; DIFFERENCE equations
- Publication
Quarterly Journal of Economics, 1986, Vol 101, Issue 2, p425
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1891124