Paper title: CHAOS MODELS IN ECONOMICS
Published in: Issue 2, (Vol. 1) / 2007Download
Pages: 43-46
Author(s): Vlad Sorin, Ostafe Dumitru, Pascu Paul
Abstract. The paper discusses the main ideas of the chaos theory and presents mainly the importance of the nonlinearities in the mathematical models. Chaos and order are apparently two opposite terms. The fact that in chaos can be found a certain precise symmetry (Feigenbaum numbers) is even more surprising. As an illustration of the ubiquity of chaos, two (among many other) models are presented here: the nonlinear feedback profit model and one model for the simulation of the exchange rate.
Keywords: Chaos Models, Chaotic Behavior, Nonlinear Models
References: 1. E. Peters Chaos and Order in the Capital Markets, New York, John Wiley & Sons, 1996. 2.. J. Ellis, Non-linearities and chaos in exchange rates, in Chaos and Non-Linear Models in Economics: Theory and Applications, pp.187-195, Edward Elgar Publishing, 1994.
3. R.C. Hilborn, Chaos and Nonlinear Dynamics, Oxford University Press, 1999.
4. S. Kuchta, Nonlinearity and Chaos in Macroeconomics and Financial Markets
5. S. H. Strogatz, Nonlinear dynamics and chaos with applications to Physics, Chemistry and Engineering, Perseus Books, 1994.


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