| 1. |
- Puu, Tönu, 1936-
(författare)
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The chaotic duopolists revisited
- 1998
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Ingår i: Journal of Economic Behavior and Organization. - 0167-2681 .- 1879-1751. ; 33:3-4, s. 385-394
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- The adjustment process of three oligopolists is studied, under Cournot and Stackelberg action. It is demonstrated that with an iso-elastic demand function and constant marginal costs, the system can result in periodic or in chaotic behaviour. In particular, the case with two identical and one different oligopolists is focused, which turns into a virtual duopoly, though displaying a wider set of bifurcations than can occur in genuine duopoly.
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| 2. |
- Puu, Tönu, 1936-, et al.
(författare)
-
A Hicksian multiplier-accelerator model with floor determined by capital stock
- 2005
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 56:3, s. 331-348
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Tidskriftsartikel (refereegranskat)abstract
- This article reconsiders the Hicksian multiplier-accelerator model with the “floor” related to the depreciation on actual capital stock. Through the introduction of the capital variable, a growth trend is created endogenously by the model itself, along with growth rate oscillations around it. The “ceiling” can be dispensed with altogether. As everything is growing in such a model, a variable transformation is introduced to focus relative dynamics of the income growth rate and the actual capital output ratio.
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| 3. |
- Puu, Tönu, 1936-
(författare)
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On the economics of increasing complexity : With some special focus on culture
- 2010
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 75:1, s. 59-68
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Tidskriftsartikel (refereegranskat)abstract
- This contribution seeks to find a setting in which evolution in terms of changing structure, rather than growth within a given structure, can be modelled. In particular the evolution of increasing complexity is focused. The setting chosen uses Lancasterian property space as an invariant in which the changing, emerging, and disappearing actual implements are property bundles. The aim is to produce a development tree like the Darwinian, and the tool used for modelling the branching bifurcations is catastrophe theory.
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| 4. |
- Puu, Tönu, 1936-
(författare)
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On the Stability of Cournot Equilibrium when the Number of Competitors Increases
- 2008
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 66:3-4, s. 445-456
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Tidskriftsartikel (refereegranskat)abstract
- This article reconsiders whether the Cournot equilibrium really becomes a perfect competition equilibrium when the number of competitors goes to infinity. It has been questioned whether the equilibrium remains stable with an increasing number of firms. Contraindications were given for linear and for isoelastic demand functions. However, marginal costs were then taken as constant, which means adding more potentially infinite-sized firms. As we want to compare cases with few large firms to cases with many small firms, the model is tuned so as to incorporate capacity limits, decreasing with an increasing number of firms. Then destabilization is avoided.
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| 5. |
- Sushko, Iryna, et al.
(författare)
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Regular and chaotic growth in a Hicksian Floor/ceiling model
- 2010
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 75:1, s. 77-94
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Tidskriftsartikel (refereegranskat)abstract
- In some previous papers the present authors reassembled the Hicksian trade cycle model in a new way. The floor was tied to depreciation on capital, itself the cumulative sum of past net investments, for which the principle of acceleration provided an explanation. Hence no alien elements were needed to include capital, and so close the system. The resulting model created a growth trend along with growth rate cycles, which could be periodic or quasiperiodic. In the current paper, the ceiling, using capital stock as a capacity limit for production, is added. It then turns out that pure growth no longer exists, and chaos and multistability become possible, which they were not in the previous model. A variety of bifurcation scenarios is explored, and a full understanding of the working of the four-piece, originally three-dimensional, piecewise smooth map, is attained, using a reduction to a one-dimensional return map.
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