Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/22809
Citations | ||
Scopus | Web of Science® | Altmetric |
---|---|---|
?
|
?
|
Type: | Journal article |
Title: | Complex economic dynamics: Chaotic saddle, crisis and intermittency |
Author: | Chian, A. Rempel, E. Rogers, C. |
Citation: | Chaos, Solitons and Fractals, 2006; 29(5):1194-1218 |
Publisher: | Pergamon-Elsevier Science Ltd |
Issue Date: | 2006 |
ISSN: | 0960-0779 1873-2887 |
Abstract: | Complex economic dynamics is studied by a forced oscillator model of business cycles. The technique of numerical modeling is applied to characterize the fundamental properties of complex economic systems which exhibit multiscale and multistability behaviors, as well as coexistence of order and chaos. In particular, we focus on the dynamics and structure of unstable periodic orbits and chaotic saddles within a periodic window of the bifurcation diagram, at the onset of a saddle-node bifurcation and of an attractor merging crisis, and in the chaotic regions associated with type-I intermittency and crisis-induced intermittency, in non-linear economic cycles. Inside a periodic window, chaotic saddles are responsible for the transient motion preceding convergence to a periodic or a chaotic attractor. The links between chaotic saddles, crisis and intermittency in complex economic dynamics are discussed. We show that a chaotic attractor is composed of chaotic saddles and unstable periodic orbits located in the gap regions of chaotic saddles. Non-linear modeling of economic chaotic saddle, crisis and intermittency can improve our understanding of the dynamics of financial intermittency observed in stock market and foreign exchange market. Characterization of the complex dynamics of economic systems is a powerful tool for pattern recognition and forecasting of business and financial cycles, as well as for optimization of management strategy and decision technology. © 2005 Elsevier Ltd. All rights reserved. |
DOI: | 10.1016/j.chaos.2005.08.218 |
Published version: | http://dx.doi.org/10.1016/j.chaos.2005.08.218 |
Appears in Collections: | Aurora harvest 2 Economics publications |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.