Complex Systems Approach to Economic Dynamics (eBook)

Abraham C.-L. Chian (Autor)

eBook Download: PDF

2007 | 2007
X, 101 Seiten
Springer Berlin (Verlag)
978-3-540-39753-3 (ISBN)

Infos

Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles, which are unstable structures embedded in a chaotic attractor and responsible for economic intermittency.

Inhalt

Preface 6
Contents 8
1 Introduction 10
2 Nonlinear Dynamics of Economic Cycles 17
2.1 Empirical Evidence of Nonlinearity and Chaos in Economic Data 17
2.2 Modeling Nonlinearity and Chaos in Economic Dynamics 18
2.3 Van der Pol Model of Nonlinear Business Cycles: Kaldor’s Nonlinear Investiment- Savings Functions 20
2.4 Forced Van der Pol Model of Nonlinear Economic Cycles: Goodwin’s Nonlinear Accelerator- Multiplier with Lagged Investiment Outlays 21
2.5 Order and Chaos 24
2.6 Poincar´e Map 26
2.7 Bifurcation Diagram and Periodic Window 26
2.8 Multistability and Basins of Attraction 29
2.9 Unstable Periodic Orbit and Chaotic Attractor 31
2.10 Concluding Comments 34
3 Type-I Intermittency in Nonlinear Economic Cycles 35
3.1 Introduction 35
3.2 Nonlinear Model of Economic Cycles 38
3.3 Economic Type-I Intermittency 39
3.4 Concluding Comments 44
4 Crisis-Induced Intermittency in Nonlinear Economic Cycles 46
4.1 Introduction 46
4.2 Nonlinear Model of Economic Cycles 48
4.3 Economic Crisis-Induced Intermittency 48
4.4 Concluding Comments 55
5 Attractor Merging Crisis in Nonlinear Economic Cycles 58
5.1 Introduction 58
5.2 Nonlinear Model of Economic Cycles 61
5.3 Attractor Merging Crisis 62
5.4 Concluding Comments 67
6 Chaotic Transients in Nonlinear Economic Cycles 68
6.1 Introduction 68
6.2 Chaotic Saddle 68
6.3 Chaotic Transient 70
6.4 Unstable Structures in Type-I Intermittency 75
6.5 Attractor Merging Crisis 77
6.6 Unstable Structures in Crisis-Induced Intermittency 79
6.7 Concluding Comments 83
7 Conclusion 84
List of Figures 90
Bibliography 97

Produkt-Details

• Erscheint lt. Verlag: 17.8.2007
• Reihe/Serie: Lecture Notes in Economics and Mathematical Systems
• Reihe/Serie: Lecture Notes in Economics and Mathematical Systems
• Zusatzinfo: X, 101 p.
• Verlagsort: Berlin
• Sprache: englisch
• Themenwelt: Mathematik / Informatik ► Mathematik
• Themenwelt: Naturwissenschaften ► Physik / Astronomie
• Themenwelt: Technik
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: Business Cycles • Chaos • Complex System • Complex Systems • Economic Dynamics • Nonlinear Dynamics • pattern recognition • Statistical Analysis
• ISBN-10: 3-540-39753-1 / 3540397531
• ISBN-13: 978-3-540-39753-3 / 9783540397533