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Economics > General Economics
Title: A necessary and sufficient condition for the existence of chaotic price dynamics in an exchange economy
(Submitted on 17 Sep 2023 (this version), latest version 14 Apr 2024 (v3))
Abstract: In this note, we study a standard exchange economy model with Cobb-Douglas type consumers and give a necessary and sufficient condition for the existence of a topological chaos in the Walras-Samuelson (tatonnement) price adjustment process. This is a new application of a recent result characterising the existence of a topological chaos for a unimodal interval map by Deng, Khan, Mitra (2022).
Submission history
From: Tomohiro Uchiyama [view email][v1] Sun, 17 Sep 2023 06:55:36 GMT (6kb)
[v2] Fri, 22 Dec 2023 03:48:37 GMT (27kb)
[v3] Sun, 14 Apr 2024 03:22:43 GMT (363kb,D)
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