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Nonlinear Dynamics and Chaos in Optimal Growth: An Example

Kazuo Nishimura and Makoto Yano
Econometrica
Vol. 63, No. 4 (Jul., 1995), pp. 981-1001
Published by: The Econometric Society
DOI: 10.2307/2171805
Stable URL: http://www.jstor.org/stable/2171805
Page Count: 21
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Nonlinear Dynamics and Chaos in Optimal Growth: An Example
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Abstract

This study demonstrates the possibility of ergodically chaotic optimal accumulation in the case in which future utilities are discounted arbitrarily weakly. For this purpose, we use a two-sector model with Leontief production functions and construct a condition under which the optimal transition function is unimodal and expansive. We demonstrate that the set of parameter values satisfying that condition is nonempty no matter how weakly the future utilities are discounted.

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