APERIODIC DYNAMICS IN THE BERGSTROM/WYMER MODEL OF THE UNITED KINGDOM

Autor:	Clifford R. Wymer
Rok vydání:	2009
Předmět:	Economics and Econometrics Series (mathematics) Dynamics (mechanics) Linear model Lyapunov exponent Nonlinear system symbols.namesake Aperiodic graph Attractor symbols Calculus Applied mathematics Social Sciences (miscellaneous) Eigenvalues and eigenvectors Mathematics
Zdroj:	Econometric Theory. 25:1099-1111
ISSN:	1469-4360 0266-4666
DOI:	10.1017/s0266466608090439
Popis:	Lyapunov exponents may be used to provide information on attractors of nonlinear models and, if strange, their aperiodic dynamics, in much the same way as eigenvalues of a linear model. An advantage of calculating these from an estimated model, rather than calculating the largest ones from a time series, is that economic theory is used to help distinguish between deterministic and stochastic behavior. Estimates of the Bergstrom/Wymer model of the United Kingdom, and of some other models of a similar form, were unstable in a classical sense, to some extent being caused by policy parameters. The Lyapunov exponents show that this model, and variants of it, have strange attractors in the neighborhood of the estimated parameter values and hence are stable but with aperiodic oscillations.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::e660418378d961a2fb3fed8656c97c90 https://doi.org/10.1017/s0266466608090439 Zobrazit plný text záznamu