Abstract
This final chapter deals with catastrophe theory and its role in economic dynamics. Catastrophe theory was very popular in the 1970s and was considered a promising technique for the modeling of discontinuous jumps in the state variables of a dynamical system. In applications of the theory such interesting empirical topics like the abrupt emergence of aggression in the behavior of various species, stock-market crashes, the capsizing of ships, etc. were studied. All these examples describe phenomena which are characterized by an immediate, discontinuous change in a variable.
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© 1993 Springer-Verlag Berlin · Heidelberg
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Lorenz, HW. (1993). Catastrophe Theory and Economic Dynamics. In: Nonlinear Dynamical Economics and Chaotic Motion. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-78324-1_8
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DOI: https://doi.org/10.1007/978-3-642-78324-1_8
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-78326-5
Online ISBN: 978-3-642-78324-1
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