Nonlinear Dynamical Economics and Chaotic Motion - Softcover

Lorenz, Hans-Walter

Softcover

ISBN 10: 3642783260 ISBN 13: 9783642783265

Publisher: Springer, 2011

Synopsis

Usually, the first edition of a book still contains a multiplicity of typographic, con­ ceptional, and computational errors even if one believes the opposite at the time of publication. As this book did not represent a counterexample to this rule, the current second edition offers a chance to remove at least the known shortcomings. The book has been partly re-organized. The previously rather long Chapter 4 has been split into two separate chapters dealing with discrete-time and continuous­ time approaches to nonlinear economic dynamics. The short summary of basic properties of linear dynamical systems has been banned to an appendix because the line of thought in the chapter seems to have been unnecessarily interrupted by these technical details and because the book concentrates on nonlinear systems. This appendix, which mainly deals with special formal properties of dynamical sys­ tems, also contains some new material on invariant subspaces and center-manifold reductions. A brief introduction into the theory of lags and operators is followed by a few remarks on the relation between the 'true' properties of dynamical systems and their behavior observable in numerical experiments. Additional changes in the main part of the book include a re-consideration of Popper's determinism vs. inde­ terminism discussion in the light of chaotic properties of deterministic, nonlinear systems in Chapter 1. An investigation of a simultaneous price-quantity adjustment process, a more detailed inquiry into the uniqueness property of limit cycles, and a short presentation of relaxation oscillations are included in Chapter 2.

About this title

Product Description

The book provides a survey of recent developments in nonlinear economic dynamics. Bifurcation theory and the emergence of chaotic motion in dynamic economic models is presented in a comprehensive and accessible though nevertheless thorough style. The reader can use the book as an introduction to nonlinear economic dynamics and as a reference to more advanced material. The major changes made in the second edition include a re-organization of parts of the text, a deepening of several mathematical concepts, and descriptions of a larger number of economic applications. As in the first edition, special emphasis is put on the didactical presentation of the new material.

Edition details

• Publisher: Springer
• Publication date: 2011
• Language: English
• ISBN 10: 3642783260
• ISBN 13: 9783642783265
• Binding: Paperback
• Edition number: 2
• Number of pages: 336