247
Views
4
CrossRef citations to date
0
Altmetric
Articles

Memory, market stability and attractors coexistence in a nonlinear cobweb model

&
Pages 766-779 | Received 07 Apr 2015, Accepted 10 Jan 2016, Published online: 10 Feb 2016

References

  • A. Agliari and A. Naimzada, Nonlinear Dynamics of a Cournot Duopoly Game with Differentiated Products, Appl. Math. Comput. forthcoming 2016.
  • F. Aicardi and S. Invernizzi, Memory effects in discrete dynamical systems, Int. J. Bifurcation Chaos 2(4) (1992), pp. 815–830.
  • P.L. Boyland, Bifurcations of circle maps: Arnold tongues, bistability and rotation intervals, Commun. Math. Phys. 106(3) (1986), pp. 353–381.
  • G.I. Bischi and A. Naimzada, Global analysis of a nonlinear model with learning, Econ. Notes 26 (1997), pp. 445–476.
  • G.I. Bischi and A. Naimzada, A Kaleckian macromodel with memory, in Cycles, Growth and the Great Recession, A. Cristini S.M. Fazzari E. Greenberg and R. Leoni, eds., Routledge, Oxon, Vol. 103, 2014.
  • J.A. Carlson, An invariably stable cobweb model, Rev. Econ. Stud. 35(3)(1968), pp. 360–362.
  • C. Chiarella, The cobweb model: Its instability and the onset of chaos, Econ. modell. 5(4) (1988), pp. 377–384.
  • R. Dieci and F. Westerhoff, Stability analysis of a cobweb model with market interactions, Appl. Math. Comput. 215(6) (2009), pp. 2011–2023.
  • M. Ezekiel, The cobweb theorem, Q. J. Econ. 52(2)(1938), pp. 255–280.
  • J. Guckenheimer and P. Holmes, Nonlinear Oscillations, Dynamical Systems, and Bifurcations of Vector Fields, Springer-Verlag, New York, 1985.
  • J.M. Holmes and R. Manning, Memory and market stability: The case of the cobweb, Econ. Lett. 28(1) (1988), pp. 1–7.
  • C.H. Hommes, Adaptive learning and roads to chaos: The case of the cobweb, Econ. Lett. 36(2) (1991), pp. 127–132.
  • C.H. Hommes, On the consistency of backward looking expectations: The case of the cobweb, J. Econ. Behav. Organiz. 33 (1998), pp. 333–362.
  • C. Hommes, Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge University Press, New York, 2013.
  • C. Hommes, T. Kiseleva, Y. Kuznetsov, and M. Verbic, Is more memory in evolutionary selection (de) stabilizing? Macroecon. Dyn. 16(3) (2012), pp. 335–357.
  • S. Invernizzi and A. Medio, On lags and chaos in economic dynamic models, J. Math. Econ. 20(6) (1991), pp. 521–550.
  • T. Kanamura, A supply and demand based volatility model for energy prices, Energy Econ. 31(5) (2009), pp. 736–747.
  • Y.A. Kuznetsov, Elements of Applied Bifurcation Theory, 3rd ed., Springer-Verlag, New York, 2004.
  • A. Leijonhufvud, Effective demand failures, Swedish J. Econ. 75(1)(1973), pp. 27–48.
  • R. Manning, Stability of cobwebs, Econ. Record 46(4) (1970), pp. 588–589.
  • M. Nerlove, Adaptive expectations and cobweb phenomena, Q. J. Econ. 72(2)(1958), pp. 227–240.
  • R. Takashima, Y. Naito, H. Kimura, and H. Madarame, Investment in electricity markets: Equilibrium price and supply function, 11th Annual Real Options Conference, June, Berkeley, CA, USA, 2007, pp. 6–9.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.