Abstract
Chaotic dynamics were defined in the mathematical literature in the 1960s and 1970s (Smale, 1963; Sharkovsky, 1964; Oseledec, 1968; Li and Yorke, 1975) after a long prior development (Guckenheimer and Holmes, 1983; Rosser, 1991, ch. 2) dating from the late nineteenth century. The phenomenon was studied in meteorology (Lorenz, 1963), physics (Ruelle and Takens, 1971) and biology (May, 1974) before it was in economics. Indeed, it was the biologist Robert May (1976) who first suggested possible applications in economics, suggestions that were followed in several of the earliest of such studies, especially in business cycle theory by Benhabib and Day (1980 and 1982) and Stutzer (1980), although the earliest explicit model of chaotic economic dynamics in Cournot—Nash duopoly dynamics (Rand, 1978) was not influenced by May. Since then the phenomenon of chaotic dynamics and related concepts of complex dynamics have become increasingly influential throughout economic thought.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
