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Zbl 1142.91303
Diks, Cees; Hommes, Cars; Panchenko, Valentyn; van der Weide, Roy
E\&F Chaos: A user friendly software package for nonlinear economic dynamics. (English)
[J] Comput. Econ. 32, No. 1-2, 221-244 (2008). ISSN 0927-7099; ISSN 1572-9974/e

Summary: The use of nonlinear dynamic models in economics and finance has expanded rapidly in the last two decades. Numerical simulation is crucial in the investigation of nonlinear systems. E\&F Chaos is an easy-to-use and freely available software package for simulation of nonlinear dynamic models to investigate stability of steady states and the presence of periodic orbits and chaos by standard numerical simulation techniques such as time series, phase plots, bifurcation diagrams, Lyapunov exponent plots, basin boundary plots and graphical analysis. The package contains many well-known nonlinear models, including applications in economics and finance, and is easy to use for non-specialists. New models and extensions or variations are easy to implement within the software package without the use of a compiler or other software. The software is demonstrated by investigating the dynamical behavior of some simple examples of the familiar cobweb model, including an extension with heterogeneous agents and asynchronous updating of strategies. Simulations with the E\&F Chaos software quickly provide information about local and global dynamics and easily lead to challenging questions for further mathematical analysis.
MSC 2000:
*91-08 Computational methods (Social and behavioral sciences)
37D45 Strange attractors, chaotic dynamics

Keywords: Nonlinear dynamics; Simulation software; Heterogeneous agents

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