Periodic and aperiodic consumer behavior (Q1094303)

From MaRDI portal
scientific article
Language Label Description Also known as
English
Periodic and aperiodic consumer behavior
scientific article

    Statements

    Periodic and aperiodic consumer behavior (English)
    0 references
    1987
    0 references
    Various properties of nonlinear difference equations are analyzed within the framework of a model of endogenous preference change. Theorems by Sharkovskij and Li and Yorke show that simple first order nonlinear difference equations exhibit a wide range of dynamical behavior: Stable points, a hierarchy of stable cycles, unstable cycles, and an uncountable set of aperiodic points. The economic analysis in this paper focuses in particular on the sequence of stable cycles and asks questions about rationality and consistent behavior over time within a structure of utility maximization.
    0 references
    nonlinear difference equations
    0 references
    Stable points
    0 references
    stable cycles
    0 references
    0 references

    Identifiers