A discrete and symmetric price adjustment process on the simplex

Journal of Economic Dynamics and Control

Volumn 24, Issue 5-7, 2000, Pages 881-907

  Tuinstra, Jan ^a  

^a UNIVERSITY OF AMSTERDAM   (Netherlands)

Author keywords

Bifurcations with symmetry; Chaotic dynamics; D51; E30; T tonnement process

Indexed keywords

EID: 0038779825     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0165-1889(99)00029-9     Document Type: Article

References (17)

1. Arrow, K.J., 1959. Towards a theory of price adjustment. In: Abramovitz, M. et al. (Eds.), The Allocation of Economic Resources. Stanford University Press, Stanford.
2. Arrow, K.J., Hahn, F.H., 1971. General Competitive Analysis. Holden-Day, San Francisco.
3. Bala V., Majumdar M. Chaotic tâtonnement. Economic Theory. 2:1992;437-445.
4. Brock W.A., Hommes C.H. A rational route to randomness. Econometrica. 65:1997;1059-1095.
5. Chossat P., Golubitsky M. Symmetry-increasing bifurcation of chaotic attractors. Physica D. 32:1988;423-436.
6. Day R.H., Pianigiani G. Statistical dynamics and economics. Journal of Economic Behavior and Organization. 16:1991;37-83.
7. Goeree J.K., Hommes C., Weddepohl C. Stability and complex dynamics in a discrete tâtonnement model. Journal of Economic Behavior and Organization. 33:1998;395-410.
8. Golubitsky, M., Stewart, I.N., Schaeffer, D.G., 1988. Singularities and Groups in Bifurcation Theory, Vol. II. Springer, New York.
9. Guckenheimer, J., Holmes, P., 1983. Nonlinear Oscillations, Dynamical Systems and Bifurcations of Vector Fields. Springer, New York.
10. Keenan D., Rader T. Market dynamics and the law of demand. Econometrica. 53:1985;465-471.
11. Kuznetsov, Yu.A., 1995. Elements of Applied Bifurcation Theory. Springer, New York.
12. Khibnik, A.I., Kuznetsov, Yu.A., Levitin, V.V., Nikolaev, E.V., 1992. Interactive LOCal BIFurcation analyzer: LOCBIF, version 2.
13. Saari D.G. Iterative price mechanisms. Econometrica. 53:1985;1117-1131.
14. Scarf H. Some examples of global instability of the competitive equilibrium. International Economic Review. 1:1960;157-172.
15. Tuinstra, J., 1999. Price dynamics in equilibrium models. Ph.D. Thesis, University of Amsterdam, in preparation.
16. Tuinstra, J., Weddepohl, C., 1999. On the equivalence between overlapping generations models and symmetric general equilibrium models. Journal of Economics, forthcoming.
17. Weddepohl C. A cautious price adjustment mechanism: chaotic behaviour. Journal of Economic Behavior and Organization. 27:1995;293-300.