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ISSN : 1226-0657

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Vol.17 No.1

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TRAVELING WAVE GLOBAL PRICE DYNAMICS OF LOCAL MARKETS WITH LOGISTIC SUPPLIES

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
2010, v.17 no.1, pp.93-106
Kim, Yong-In
Kim,, Y. (2010). TRAVELING WAVE GLOBAL PRICE DYNAMICS OF LOCAL MARKETS WITH LOGISTIC SUPPLIES. Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics, 17(1), 93-106.

Abstract

We employ the methods of Lattice Dynamical System to establish a global model extending the Walrasian evolutionary cobweb model in an independent single local market to the global market evolution over an infinite chain of many local markets with interaction of each other through a diffusion of prices between them. For brevity of the model, we assume linear decreasing demands and logistic supplies with naive predictors, and investigate the traveling wave behaviors of global price dynamics and show that their dynamics are conjugate to those of H<TEX>$\acute{e}$</TEX>non maps and hence can exhibit complicated behaviors such as period-doubling bifurcations, chaos, and homoclic orbits etc.

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

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