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Multiple equilibria and chaos in a discrete tâtonnement process

Kaizoji, Taisei (2010): Multiple equilibria and chaos in a discrete tâtonnement process.

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Abstract

The purpose of this note is to demonstrate a sufficient condition for discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.

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