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  • P-ISSN1226-0657
  • E-ISSN2287-6081
  • KCI

ISSN : 1226-0657

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Vol.16 No.2

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SPATIALLY HOMOGENEOUS GLOBAL PRICE DYNAMICS ON A CHAIN OF LOCAL MARKETS

Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics / Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics, (P)1226-0657; (E)2287-6081
2009, v.16 no.2, pp.243-254
Kim, Yong-In
Kim,, Y. (2009). SPATIALLY HOMOGENEOUS GLOBAL PRICE DYNAMICS ON A CHAIN OF LOCAL MARKETS. Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics, 16(2), 243-254.

Abstract

The main purpose of this paper is to use the methods of Lattice Dynamical System to establish a global model, which extends the Walrasian evolutionary cobweb model in an independent single local market to the global market evolution over an infinite chain of many local markets interacting each other through a diffusion of prices between them. For brevity of the model, we assume linear decreasing demands and quadratic supplies with naive predictors, and investigate the spatially homogeneous global price dynamics and show that the dynamics is topologically conjugate to that of well-known logistic map and hence undergoes a period-doubling bifurcation route to chaos as a parameter varies through a critical value.

keywords
Cobweb model, lattice dynamical system, <tex> $H{\acute{e}}non$</tex>

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Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics

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