Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market
We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Wiley
2007-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2007/29207 |
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| _version_ | 1832560492039634944 |
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| author | Junhai Ma Lingling Mu |
| author_facet | Junhai Ma Lingling Mu |
| author_sort | Junhai Ma |
| collection | DOAJ |
| description | We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling bifurcation. The chaotic features are justified numerically via computing maximal Lyapunov exponents and sensitive dependence on initial conditions. The delayed feedback control (DFC) method is applied to control the chaos of system. |
| format | Article |
| id | doaj-art-cb1195e00c4e479ba0430d8a3c0eba28 |
| institution | Kabale University |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 2007-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-cb1195e00c4e479ba0430d8a3c0eba282025-02-03T01:27:28ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X2007-01-01200710.1155/2007/2920729207Complex Dynamics in a Nonlinear Cobweb Model for Real Estate MarketJunhai Ma0Lingling Mu1School of Management, Tianjin University, Tianjin 300072, ChinaSchool of Management, Tianjin University, Tianjin 300072, ChinaWe establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling bifurcation. The chaotic features are justified numerically via computing maximal Lyapunov exponents and sensitive dependence on initial conditions. The delayed feedback control (DFC) method is applied to control the chaos of system.http://dx.doi.org/10.1155/2007/29207 |
| spellingShingle | Junhai Ma Lingling Mu Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market Discrete Dynamics in Nature and Society |
| title | Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market |
| title_full | Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market |
| title_fullStr | Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market |
| title_full_unstemmed | Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market |
| title_short | Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market |
| title_sort | complex dynamics in a nonlinear cobweb model for real estate market |
| url | http://dx.doi.org/10.1155/2007/29207 |
| work_keys_str_mv | AT junhaima complexdynamicsinanonlinearcobwebmodelforrealestatemarket AT linglingmu complexdynamicsinanonlinearcobwebmodelforrealestatemarket |