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Zbl 1178.91105
Onozaki, Tamotsu; Sieg, Gernot; Yokoo, Masanori
Stability, chaos and multiple attractors: a single agent makes a difference. (English)
[J] J. Econ. Dyn. Control 27, No. 10, 1917-1938 (2003). ISSN 0165-1889

Summary: This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the dynamical properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers; cautious adapters and naive optimizers. In a market of naive optimizers a single cautious adapter stabilizes the otherwise exploding market. In a market of cautious adapters a single naive optimizer may destabilize the market; without him there exists at most one periodic attractor in the market but with him there may appear many (and even infinitely many) coexisting periodic attractors.

MSC 2000:: *91B55
37N40 Dynamical systems in optimization and economics
37D45 Strange attractors, chaotic dynamics

Keywords: 2-D nonlinear cobweb model; behavioral heterogeneity; chaos; homoclinic bifurcations; coexisting periodic attractors

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