Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function
We study the dynamics shown by the discrete time neoclassical one-sector growth model with differential savings while assuming a nonconcave production function. We prove that complex features exhibited are related both to the structure of the coexixting attractors and to their basins. We also show t...
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| Format: | Article |
| Language: | English |
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Wiley
2012-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2012/536570 |
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| _version_ | 1832563659533975552 |
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| author | Serena Brianzoni Cristiana Mammana Elisabetta Michetti |
| author_facet | Serena Brianzoni Cristiana Mammana Elisabetta Michetti |
| author_sort | Serena Brianzoni |
| collection | DOAJ |
| description | We study the dynamics shown by the discrete time neoclassical one-sector growth model with differential savings while assuming a nonconcave production function. We prove that complex features exhibited are related both to the structure of the coexixting attractors and to their basins. We also show that complexity emerges if the elasticity of substitution between production factors is low enough and shareholders save more than workers, confirming the results obtained while considering concave production functions. |
| format | Article |
| id | doaj-art-bcaeb956912e4611abef94346b4d15f0 |
| institution | Kabale University |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 2012-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-bcaeb956912e4611abef94346b4d15f02025-02-03T01:13:02ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X2012-01-01201210.1155/2012/536570536570Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production FunctionSerena Brianzoni0Cristiana Mammana1Elisabetta Michetti2Dipartimento di Management, Università Politecnica delle Marche, 60121 Ancona, ItalyDipartimento di Economia e Diritto, Università di Macerata, 62100 Macerata, ItalyDipartimento di Economia e Diritto, Università di Macerata, 62100 Macerata, ItalyWe study the dynamics shown by the discrete time neoclassical one-sector growth model with differential savings while assuming a nonconcave production function. We prove that complex features exhibited are related both to the structure of the coexixting attractors and to their basins. We also show that complexity emerges if the elasticity of substitution between production factors is low enough and shareholders save more than workers, confirming the results obtained while considering concave production functions.http://dx.doi.org/10.1155/2012/536570 |
| spellingShingle | Serena Brianzoni Cristiana Mammana Elisabetta Michetti Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function Discrete Dynamics in Nature and Society |
| title | Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function |
| title_full | Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function |
| title_fullStr | Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function |
| title_full_unstemmed | Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function |
| title_short | Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function |
| title_sort | local and global dynamics in a discrete time growth model with nonconcave production function |
| url | http://dx.doi.org/10.1155/2012/536570 |
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