Optimization and Chaos (Studies in Economic Theory)

Majumdar, Mukul, Tapan Mitra and Kazuo Nishimura:

ISBN 10: 3540670300 / ISBN 13: 9783540670308

Published by Springer Berlin Heidelberg, 2000

About this Item

454 Seiten ex Library Book / aus einer wissenschaftlichen Bibliothek Sprache: Englisch Gewicht in Gramm: 969.

Seller Inventory # 294487

Bibliographic Details

• Title: Optimization and Chaos (Studies in Economic Theory)
• Publisher: Springer Berlin Heidelberg
• Publication Date: 2000
• Language: English
• ISBN 10: 3540670300
• ISBN 13: 9783540670308
• Binding: Gebundene Ausgabe
• Condition: Sehr gut
• Seller catalogs:
  • Alle Bücher

About this title

Synopsis

This collection of essays brings together some articles on dynamic optimization models that exhibit chaotic behavior. Chapters 3, 4, 5, 6, 7, and 9 appeared in a Symposium on Chaotic Dynamical Systems in Economic Theory (Volume 4, Number 5, 1994). Also, Chapters 10,11, and 12 appeared in the Journal of Economic The­ ory. We would like to thank the authors, and Academic Press for permission to reprint. We are grateful to Professor C.D. Aliprantis for suggesting the idea of a book structured around the Economic Theory Symposium, and without the support and patience of Dr. Mueller this project could not have been completed. We would like to thank Ms. Amy Gowan who cheerfully per­ formed the arduous task of typing the manuscript. Thanks are also due to Xiao Qing Yu, Tridip Ray and Malabika Majumdar for their help at various stages in the preparation of the manuscript. For a course on dynamic optimization addressed to students with a good background in economic theory and real analysis, one can assign Chapter 2 as a partial introduction to the basic tech­ niques. Chapters 3 and 4 can be assigned to provide examples of simple optmization models generating complicated behavior.

Synopsis

The book begins with an introduction to some of the basic concepts and results on chaotic dynamical systems. Next it turns to a detailed self-contained summary of the literature on discounted dynamic optimization. The first two chapters are of particular pedagogical interest. The volume also brings together a number of outstanding advanced research papers on complex behavior of dynamic economic models. These make it clear that complexity cannot be dismissed as "exceptional" or "pathological" and, for explanation and prediction of economic variables, it is imperative to develop models with special structures suggested by empirical studies. Graduate students in economics will find the book valuable for an introduction to optimization and chaos. Specialists will find new directions to explore themes like robustness of chaotic behavior and the role of discounting in generating cycles and complexity.