Nonlinear Dynamical Economics and Chaotic Motion (2nd)


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The behavior of nonlinear dynamical systems can differ completely from that of linear dynamical systems. Regular oscillatory motion as well as seemingly irregular motion can emerge in these systems without resort to exogenous influences or peculiar parameter values. Recent mathematical advances made in the theory of nonlinear dynamical systems allow the restrictive linear approach to dynamical phenomena in economics to be discarded and observable fluctuations of economic variables to be modelled in a simple and convenient ...

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