Games and Dynamics in Economics by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9789811536236
Publisher: Springer Singapore

Fig. 2Attractor of Y1 versus Y2 with δ = β = 0, α1 = α2 = α3 = 0.6

Fig. 3Lyapunov exponent (λ) with δ = β = 0, α2 = α3 = 0.6

Figure 1, which is a bifurcation diagram of with respect to the parameter shows that the equilibrium point is stable for sufficiently small adjustment speed of the goods market, but it becomes unstable and persistent fluctuations emerge for sufficient large adjustment speed even if the countries are economically isolated. Figure 2, which is an attractor of the variables and shows that is fixed but fluctuates under the parameter set Figure 3 shows that for relevant range of adjustment speed in country 1, the chaotic movement scarcely occurs, because the Lyapunov exponent for that range is almost zero.

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