Nonlinear Dynamical Systems in Economics
Many problems in theoretical economics are mathematically formalized as dynam ical systems of difference and differential equations. In recent years a truly open approach to studying the dynamical behavior of these models has begun to make its way into t
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SpringerWienNewYork
CISM COURSES AND LECTURES
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Executive Editor Carlo Tasso - Udine
The series presents lecture notes, monographs, edited works and proceedings in the field of Mechanics, Engineering, Computer Science and Applied Mathematics. Purpose of the series is to make known in the international scientific and technical community results obtained in some of the activities organized by CISM, the International Centre for Mechanical Sciences.
INTERNATIONAL CENTRE FOR MECHANICAL SCIENCES COURSES AND LECTURES - No. 476
NONLINEAR DYNAMICAL SYSTEMS IN ECONOMICS
EDITED BY MARJI LINES UNIVERSITY OF UDINE, ITALY
SpringerWien NewYork
This volume contains 90 illustrations
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned specifically those of translation, reprinting, re-use of illustrations, broadcasting, reproduction by photocopying machine or similar means, and storage in data banks. © 2005 by CISM, Udine Printed in Italy SPIN 11494331
In order to make this volume available as economically and as rapidly as possible the authors' typescripts have been reproduced in their original forms. This method unfortunately has its typographical limitations but it is hoped that they in no way distract the reader.
ISBN-10 3-211-26177-X SpringerWienNewYork ISBN-13 978-3-211-26177-4 SpringerWienNewYork
PREFACE
Many problems in theoretical economics are mathematically formalized as dynamical systems of difference and differential equations. In recent years a truly open approach to studying the dynamical behavior of these models has begun to make its way into the mainstream. That is, economists formulate their hypotheses and study the dynamics of the resulting models rather than formulating the dynamics and studying hypotheses that could lead to models with such dynamics. This is a great progress over using linear models, or using nonlinear models with a linear approach, or even squeezing economic models into well-studied nonlinear systems from other fields. There are today a number of economic journals open to publishing this type of work and some of these have become important. There are several societies which have annual meetings on the subject and participation at these has been growing at a good rate. And of course there are methods and techniques available to a more general audience, as well as a greater availability of software for numerical and graphical analysis that makes this type of research even more exciting. The lecturers for the Advanced School on Nonlinear Dynamical Systems in Economics, who represent a wide selection of the research areas to which the theory has been applied, agree on the importance of simulations and computer-based analysis. The School emphasized computer applications of models and methods, and all contributors ran computer lab sessions. The exigencies of space left us no ro
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