Nonlinear Dynamics in Economics

Name: Nonlinear Dynamics in Economics
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 9783540593744
Price: 105.3 EUR
Availability: InStock

A Theoretical and Statistical Approach to Agricultural Markets

Автор: Bärbel Finkenstädt

Език:

Корици: С меки корици

Издател: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Наличност: Външен склад

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1. 1 Introduction In economics, one often observes time series that exhibit different patterns of qu...

Информация за книгата

Автор

Bärbel Finkenstädt

Език

Английски език

Корици

Книга - С меки корици

Издадена

1995

страници

156

EAN

9783540593744

ISBN

3540593748

Enbook ID

06809340

Издател

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Теглоt

271

Размери

155 x 235 x 10

Пълно описание

1. 1 Introduction In economics, one often observes time series that exhibit different patterns of qualitative behavior, both regular and irregular, symmetric and asymmetric. There exist two different perspectives to explain this kind of behavior within the framework of a dynamical model. The traditional belief is that the time evolution of the series can be explained by a linear dynamic model that is exogenously disturbed by a stochastic process. In that case, the observed irregular behavior is explained by the influence of external random shocks which do not necessarily have an economic reason. A more recent theory has evolved in economics that attributes the patterns of change in economic time series to an underlying nonlinear structure, which means that fluctua tions can as well be caused endogenously by the influence of market forces, preference relations, or technological progress. One of the main reasons why nonlinear dynamic models are so interesting to economists is that they are able to produce a great variety of possible dynamic outcomes - from regular predictable behavior to the most complex irregular behavior - rich enough to meet the economists' objectives of modeling. The traditional linear models can only capture a limited number of possi ble dynamic phenomena, which are basically convergence to an equilibrium point, steady oscillations, and unbounded divergence. In any case, for a lin ear system one can write down exactly the solutions to a set of differential or difference equations and classify them.

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Nonlinear Dynamics in Economics

A Theoretical and Statistical Approach to Agricultural Markets

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Пълно описание

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