Ergodic cobweb chaos
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 tilte...
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
1997-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Subjects: | |
| Online Access: | http://dx.doi.org/10.1155/S1026022697000149 |
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| _version_ | 1849304611674914816 |
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| author | Akio Matsumoto |
| author_facet | Akio Matsumoto |
| author_sort | Akio Matsumoto |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-3a2a6e15f47f4471b6d0fc0a34da8006 |
| institution | Kabale University |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 1997-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-3a2a6e15f47f4471b6d0fc0a34da80062025-08-20T03:55:41ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X1997-01-011213514610.1155/S1026022697000149Ergodic cobweb chaosAkio Matsumoto0Department of Economics, Niigata University, 8050 2-No-Cho Ikarashi, Niigata 950-21, JapanThis 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.http://dx.doi.org/10.1155/S1026022697000149Ergodic chaosCobweb dynamicsQuality constraints. |
| spellingShingle | Akio Matsumoto Ergodic cobweb chaos Discrete Dynamics in Nature and Society Ergodic chaos Cobweb dynamics Quality constraints. |
| title | Ergodic cobweb chaos |
| title_full | Ergodic cobweb chaos |
| title_fullStr | Ergodic cobweb chaos |
| title_full_unstemmed | Ergodic cobweb chaos |
| title_short | Ergodic cobweb chaos |
| title_sort | ergodic cobweb chaos |
| topic | Ergodic chaos Cobweb dynamics Quality constraints. |
| url | http://dx.doi.org/10.1155/S1026022697000149 |
| work_keys_str_mv | AT akiomatsumoto ergodiccobwebchaos |