On the minimum rate of impatience for complicated optimal growth paths

MaRDI QIDQ4499609zbMATH OpenFDO

Authors Gerhard Sorger

Publication date 2 June 2002

zbMATH Keywords

chaotic functionsconcave optimal growth modellogistic map

Mathematics Subject Classification ID

Strange attractors, chaotic dynamics of systems with hyperbolic behavior (37D45) Dynamical systems involving maps of the interval (37E05) Dynamical systems in optimization and economics (37N40)

Review text

The author proves that certain chaotic functions like the logistic map cannot be optimal policy functions in any strictly concave optimal growth model with a reasonable rate of time preference. Note that the author does not claim that any other type of complicated dynamics is impossible in such models. For the entire collection see [Zbl 0980.90001].

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(3)

• On the minimum rate of impatience for complicated optimal growth paths
• Minimum impatience theorems for recursive economic models
• Impatience and dynamic optimal behavior: a bifurcation analysis of the Robinson-Solow-Srinivasan model

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