Habit formation with threshold adjustment: Addiction may imply complex dynamics

Feichtinger G, Prskawetz A, Herold W, & Zinner P (1995). Habit formation with threshold adjustment: Addiction may imply complex dynamics. Journal of Evolutionary Economics 5 (2): 157-172. DOI:10.1007/BF01199855.

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Abstract

A time-discrete descriptive model of habit formation is presented. Addictive behaviour is damped by a threshold which adapts itself to the habit. This simple framework is able to explain periodic, quasi-periodic as well as chaotic consumption patterns of addictive consumers. It turns out that both a high adjustment rate and a steep consumption function favour complex (chaotic) patterns.

Item Type: Article
Uncontrolled Keywords: Local bifurcation analysis; Neimark-Sacker bifurcation; Quasiperiodic dynamics; Addiction; Habit formation
Research Programs: World Population (POP)
Bibliographic Reference: Journal of Evolutionary Economics; 5(2):157-172 (June 1995)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:05
Last Modified: 23 Feb 2016 13:15
URI: http://pure.iiasa.ac.at/4263

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