Abstract
The foregoing presentation has, hopefully, shown that the introduction of nonlinearities — and there is no reason to assume that economic relationships are a priori linear in nature — provides a real enrichment of what simple dynamical systems in economics can explain. A model which exhibits simple regular behavior in its linear version may perform completely different if it is reformulated to include nonlinearities.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
C. Chiarella [1988], The cobweb model. Its instability and the onset of chaos, Economic Modelling (1988)377–384.
C.W.J. Granger and A.P. Anderson [1978], An introduction to bilinear time series models, Vandenhoek und Ruprecht, Göttingen (1978).
C.H. Hommes [1991], Adaptive learning and roads to chaos, Economics Letters 36 (1991), 127–132.
M.B. Priestley [1988], Non-linear and non-stationary time series analysis, London, San Diego, New York, Berkeley, Boston, Sydney, Tokyo, Toronto: Academic Press (1988).
D. Ruelle [1987], Can nonlinear dynamics help economists? in: The economy as an evolving complex system, eds. P.W. Anderson, K.J. Arrow, D. Pines, Addison-Wesley Publishing Company (1987).
H. Tong [1990], Non-linear time series, A dynamical System Approach, Oxford Science Publications, Clarendon Press Oxford (1990).
R.S. Tsay [1989], Testing and modeling threshold autoregressive processes, Journal of the American Statistical Association 84(1989)231–240.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 1995 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Finkenstädt, B. (1995). Conclusions and Outlook. In: Nonlinear Dynamics in Economics. Lecture Notes in Economics and Mathematical Systems, vol 426. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46821-6_5
Download citation
DOI: https://doi.org/10.1007/978-3-642-46821-6_5
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-59374-4
Online ISBN: 978-3-642-46821-6
eBook Packages: Springer Book Archive