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Complex Dynamics in an Evolutionary General Equilibrium Model
Joint Authors
Pireddu, Marina
Naimzada, Ahmad K.
Source
Discrete Dynamics in Nature and Society
Issue
Vol. 2018, Issue 2018 (31 Dec. 2018), pp.1-13, 13 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2018-01-16
Country of Publication
Egypt
No. of Pages
13
Main Subjects
Abstract EN
We propose an exchange economy evolutionary model with discrete time, in which there are two utility-maximizing groups of agents which differ in the preference structure.
Assuming an evolutionary mechanism based on the relative utility values realized by the two kinds of agents, we analytically and numerically investigate the existence of equilibria, their stability, and possible phenomena of coexistence between groups, mainly in terms of the heterogeneity degree in the preference structure.
We find that our system has two trivial equilibria, at which just one of the two groups is present, and possibly a nontrivial equilibrium, characterized by the coexistence of the two groups of agents.
Such nontrivial equilibrium may be stable, attracting all trajectories, or unstable.
In the latter case, interesting, periodic, or chaotic, dynamics arise.
We prove that the nontrivial equilibrium emerges via a transcritical bifurcation and loses stability via a flip bifurcation, after which the coexistence between groups is oscillatory in nature, presenting a regular or irregular behavior.
In order to better investigate the role of the heterogeneity degree parameter, we perform a bifurcation analysis considering different scenarios, characterized by a balanced or unbalanced endowment distribution of the two goods.
American Psychological Association (APA)
Naimzada, Ahmad K.& Pireddu, Marina. 2018. Complex Dynamics in an Evolutionary General Equilibrium Model. Discrete Dynamics in Nature and Society،Vol. 2018, no. 2018, pp.1-13.
https://search.emarefa.net/detail/BIM-1152860
Modern Language Association (MLA)
Naimzada, Ahmad K.& Pireddu, Marina. Complex Dynamics in an Evolutionary General Equilibrium Model. Discrete Dynamics in Nature and Society No. 2018 (2018), pp.1-13.
https://search.emarefa.net/detail/BIM-1152860
American Medical Association (AMA)
Naimzada, Ahmad K.& Pireddu, Marina. Complex Dynamics in an Evolutionary General Equilibrium Model. Discrete Dynamics in Nature and Society. 2018. Vol. 2018, no. 2018, pp.1-13.
https://search.emarefa.net/detail/BIM-1152860
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1152860