Robust Ergodic Chaos in Discounted Dynamic Optimization Models.

B-Tier
Journal: Economic Theory
Year: 1994
Volume: 4
Issue: 5
Pages: 677-88

Authors (2)

Majumdar, Mukul (not in RePEc) Mitra, Tapan

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We identify a family of discounted dynamic optimization problems in which the immediate return function depends on current consumption, capital input and a taste parameter. The usual monotonicity and concavity assumptions on the return functions and the aggregative production function are verified. it is shown that the optimal transition functions are represented by the "quadratic family," well-studied in the literature on chaotic dynamical systems. Hence, Jakobson's theorem can be used to throw light on the issues of robustness of ergodic chaos and sensitive dependence on initial conditions.

Technical Details

RePEc Handle
repec:spr:joecth:v:4:y:1994:i:5:p:677-88
Journal Field
Theory
Author Count
2
Added to Database
2026-01-26