scientific article; zbMATH DE number 17281
[For the entire collection see Zbl 0722.00050.] This paper is concerned with the world in which the complete set of competitive markets is absent and financial intermediation is imperfect. It is then shown that complex dynamics such as periodic or chaotic fluctuations may occur-under more general conditions than those assumed in the existing literature. The author assumes that entrepreneurs seek to maximize \(\sum^ \infty_{t=0} \beta^ t \log q_ t\), where \(q_ t\) is each entrepreneur's consumption in period \(t\), and \(\beta\) is a discount factor between 0 and 1. This is a restrictive assumption, and should be replaced by a more general one.
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