Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market
We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2007-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2007/29207 |
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| Summary: | We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling bifurcation. The chaotic features are justified numerically via computing maximal Lyapunov exponents and sensitive dependence on initial conditions. The delayed feedback control (DFC) method is applied to control the chaos of system. |
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| ISSN: | 1026-0226 1607-887X |