Chaotic Dynamics in Continuous-Time Economic Models
Most existing economic models dealing with the chaos property are discrete-time models and can be reduced to a one-dimensional dynamical system. The main reason for this concentration on one-dimensional systems can probably be found in the relative ease with which chaotic motion can be established in these systems and because the two-dimensional case is already much more difficult to handle. However, chaos does not occur only in discrete-time models, but may be a property of continuous-time models as well.
KeywordsHopf Bifurcation Homoclinic Orbit Chaotic Motion Strange Attractor Closed Orbit
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