Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/86202
Authors: 
Diks, Cees
Wagener, Florian
Year of Publication: 
2006
Series/Report no.: 
Tinbergen Institute Discussion Paper 06-043/1
Abstract: 
This article presents a bifurcation theory of smooth stochastic dynamical systems that are governed by everywhere positive transition densities. The local dependence structure of the unique strictly stationary evolution of such a system can be expressed by the ratio of joint and marginal probability densities; this 'dependence ratio' is a geometric invariant of the system. By introducing a weak equivalence notion of these dependence ratios, we arrive at a bifurcation theory for which in the compact case, the set of stable (non-bifurcating) systems is open and dense. The theory is illustrated with some simple examples.
Subjects: 
stochastic bifurcation theory
JEL: 
C14
C22
C32
Document Type: 
Working Paper

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