Chaotic consumption patterns in a simple 2-d addiction model

Feichtinger G, Hommes CH, & Milik A (1997). Chaotic consumption patterns in a simple 2-d addiction model. Economic Theory 10 (1): 147-173. DOI:10.1007/s001990050151.

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Abstract

Consumption fluctuations in a simple 2-D addiction model are investigated. The behavioural equations of the model are suggested by a related 'rational addiction' model of Becker and Murphy [2]. Our model generates erratic, seemingly unpredictable consumption patterns of the addicted persons. The occurence of chaos is proven by locating a so called horseshoe map in the phase space.

Item Type: Article
Research Programs: World Population (POP)
Bibliographic Reference: Economic Theory; 10(1):147-173 (June 1997)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:08
Last Modified: 23 Feb 2016 09:22
URI: http://pure.iiasa.ac.at/5058

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