Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population

Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population

Assuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called "chaos") can arise from fully rational economic decision making. High inter...

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Bibliographic Details
Main Authors: Jean-Paul Chavas, Matthew T. Holt
Format: Article
Language:English
Published: Western Agricultural Economics Association 1995-12-01
Series:Journal of Agricultural and Resource Economics
Subjects:
chaos
limit cycle
optimal dynamics
steady state
Online Access:https://ageconsearch.umn.edu/record/30770
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spelling doaj-c1c923c3545b4bd8b5cb9b5d5c40315f2020-11-25T03:04:09ZengWestern Agricultural Economics AssociationJournal of Agricultural and Resource Economics1068-55022327-82851995-12-0120223124610.22004/ag.econ.3077030770Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological PopulationJean-Paul ChavasMatthew T. HoltAssuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called "chaos") can arise from fully rational economic decision making. High interest rate, adjustment costs, and an inelastic demand can contribute to market instability.https://ageconsearch.umn.edu/record/30770chaoslimit cycleoptimal dynamicssteady state
collection DOAJ
language English
format Article
sources DOAJ
author Jean-Paul Chavas
Matthew T. Holt
spellingShingle Jean-Paul Chavas
Matthew T. Holt
Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
Journal of Agricultural and Resource Economics
chaos
limit cycle
optimal dynamics
steady state
author_facet Jean-Paul Chavas
Matthew T. Holt
author_sort Jean-Paul Chavas
title Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
title_short Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
title_full Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
title_fullStr Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
title_full_unstemmed Nonlinear Dynamics and Economic Instability: The Optimal Management of a Biological Population
title_sort nonlinear dynamics and economic instability: the optimal management of a biological population
publisher Western Agricultural Economics Association
series Journal of Agricultural and Resource Economics
issn 1068-5502
2327-8285
publishDate 1995-12-01
description Assuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called "chaos") can arise from fully rational economic decision making. High interest rate, adjustment costs, and an inelastic demand can contribute to market instability.
topic chaos
limit cycle
optimal dynamics
steady state
url https://ageconsearch.umn.edu/record/30770
work_keys_str_mv AT jeanpaulchavas nonlineardynamicsandeconomicinstabilitytheoptimalmanagementofabiologicalpopulation
AT matthewtholt nonlineardynamicsandeconomicinstabilitytheoptimalmanagementofabiologicalpopulation
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