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Regular and chaotic growth in a Hicksian floor/ceiling model
Institute of Mathematics, National Academy of Sciences of Ukraine, Kiev, Ukraine.
Department of Economics and Quantitative Methods, University of Urbino, Italy.
Umeå University, Faculty of Social Sciences, Centre for Regional Science (CERUM).
2010 (English)In: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 75, no 1, 77-94 p.Article in journal (Refereed) Published
Abstract [en]

In some previous papers the present authors reassembled the Hicksian trade cycle model in a new way. The floor was tied to depreciation on capital, itself the cumulative sum of past net investments, for which the principle of acceleration provided an explanation. Hence no alien elements were needed to include capital, and so close the system. The resulting model created a growth trend along with growth rate cycles, which could be periodic or quasiperiodic. In the current paper, the ceiling, using capital stock as a capacity limit for production, is added. It then turns out that pure growth no longer exists, and chaos and multistability become possible, which they were not in the previous model. A variety of bifurcation scenarios is explored, and a full understanding of the working of the four-piece, originally three-dimensional, piecewise smooth map, is attained, using a reduction to a one-dimensional return map.

Place, publisher, year, edition, pages
2010. Vol. 75, no 1, 77-94 p.
Keyword [en]
Hicksian model
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-100241OAI: oai:DiVA.org:umu-100241DiVA: diva2:790944
Available from: 2015-02-26 Created: 2015-02-26 Last updated: 2017-12-04

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Centre for Regional Science (CERUM)
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Journal of Economic Behavior and Organization
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