Nonlinear dynamics and chaos in optimal growth: A constructive exposition (Q4499607)
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scientific article; zbMATH DE number 1500764
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| English | Nonlinear dynamics and chaos in optimal growth: A constructive exposition |
scientific article; zbMATH DE number 1500764 |
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7 November 2000
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optimal capital accumulation
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complex nonlinear dynamics
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two-sector model
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0.909540832042694
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0.8695356845855713
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0.8477562069892883
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Nonlinear dynamics and chaos in optimal growth: A constructive exposition (English)
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It is well-known that optimal capital accumulation may be chaotic. However, not much has yet been revealed with respect to the circumstances under which optimal accumulation exhibits complex nonlinear dynamics. The author gives a positive answer to this question. To this end he constructs a two-sector model in which neither factor intensity reversals nor sign changes in the cross partial derivative of a reduced-form utility function occur. For the entire collection see [Zbl 0980.90001].
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