Overview

The book begins with an introduction to some of the basic concepts and results on chaotic dynamical systems. Next it turns to a detailed self-contained summary of the literature on discounted dynamic optimization. The first two chapters are of particular pedagogical interest. The volume also brings together a number of outstanding advanced research papers on complex behavior of dynamic economic models. These make it clear that complexity cannot be dismissed as ""exceptional"" or ""pathological"" and, for explanation and prediction of economic variables, it is imperative to develop models with special structures suggested by empirical studies. Graduate students in economics will find the book valuable for an introduction to optimization and chaos. Specialists will find new directions to explore themes like robustness of chaotic behavior and the role of discounting in generating cycles and complexity.

Full Product Details

Author:   Mukul Majumdar ,  Tapan Mitra ,  Kazuo Nishimura
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Edition:   2000 ed.
Volume:   11
Dimensions:   Width: 15.50cm , Height: 2.50cm , Length: 23.50cm
Weight:   1.830kg
ISBN:  

9783540670308

ISBN 10:   3540670300
Pages:   454
Publication Date:   06 May 2000
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

1 Dynamical Systems: A Tutorial.- 2 Introduction to Dynamic Optimization Theory.- 3 Periodic and Chaotic Programs of Optimal Intertemporal Allocation in an Aggregative Model with Wealth Effects.- 4 Optimal Chaos, Nonlinearity, and Feasibility Conditions.- 5 The Local Bifurcation of Ramsey Equilibrium.- 6 On the Structure of Ramsey Equilibirum: Cycles, Indeterminacy and Sunspots.- 7 Robust Ergodic Chaos in Discounted Dynamic Optimization Models.- 8 Non-Linear Dynamics and Chaos in Optimal Growth: A Constructive Exposition.- 9 Ergodic Chaos in Optimal Growth Models with Low Discount Rates.- 10 On the Minimum Rate of Impatience for Complicated Optimal Growth Paths.- 11 An Exact Discount Factor Restriction for Period-Three Cycles in Dynamic Optimization Models.- 12 On the Least Upper Bound of Discount Factors that are Compatible with Optimal Period-Three Cycles.- 13 On the Relationship between Discounting and Entropy of Dynamic Optimization Models.- References.

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