On the Computation of the Hausdorff Dimension of the Walrasian Economy:Further Notes

Dominique, C-Rene (2009): On the Computation of the Hausdorff Dimension of the Walrasian Economy:Further Notes.

Abstract

ABSTRACT: In a recent paper, Dominique (2009) argues that for a Walrasian economy with m consumers and n goods, the equilibrium set of prices becomes a fractal attractor due to continuous destructions and creations of excess demands. The paper also posits that the Hausdorff dimension of the attractor is d = ln (n) / ln (n-1) if there are n copies of sizes (1/(n-1)), but that assumption does not hold. This note revisits the problem, demonstrates that the Walrasian economy is indeed self-similar and recomputes the Hausdorff dimensions of both the attractor and that of a time series of a given market.

• Item Type: MPRA Paper
• Language: English
• Keywords: Fractal Attractors, Contractive Mappings, Self-similarity, Hausdorff Dimension of an Economy,Hausdorff Dimension of Economic Time Series
• Subjects: C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling; A - General Economics and Teaching > A1 - General Economics; C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables

References

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* Formerly Professor of Economics