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Autoren: 
Onozaki, Tamotsu
Sieg, Gernot
Yokoo, Masanori
Datum: 
2001
Reihe/Nr.: 
Diskussionsbeiträge 110
Zusammenfassung: 
This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the qualitative properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers; adaptive and naive. In a market of naive agents a single adaptive agent stabilizes the otherwise exploding market. In a market of adaptive agents a single naive agent may destabilize the market; without him there exists at most one periodic attractor in the market but with him there may appear many coexisting periodic attractors of arbitrarily large periods.
Schlagwörter: 
2-D Nonlinear cobweb model
Behavioral heterogeneity
Chaos
Homoclinic bifurcations
Coexisting periodic attractors
JEL: 
D21
E32
C61
Dokumentart: 
Working Paper

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