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- Title
NONLINEAR DYNAMICS AND CHAOS IN OPTIMAL GROWTH: AN EXAMPLE.
- Authors
Nishimura, Kazuo; Yano, Makoto
- Abstract
This study demonstrates the possibility of ergodically chaotic optimal accumulation in the case in which future utilities are discounted arbitrarily weakly. For this purpose, we use a two-sector model with Leontief production functions and construct a condition under which the optimal transition function is unimodal and expansive. We demonstrate that the set of parameter values satisfying that condition is nonempty no matter how weakly the future utilities are discounted.
- Subjects
NONLINEAR functional analysis; UTILITIES (Computer programs); CAPITAL; MATHEMATICAL models; MATHEMATICAL functions; STATISTICS
- Publication
Econometrica, 1995, Vol 63, Issue 4, p981
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/2171805