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Sökning: swepub > Umeå universitet > Puu Tönu 1936 > Tidskriftsartikel > Gardini Laura > Engelska

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1.
  • Puu, Tönu, 1936-, et al. (författare)
  • A Hicksian multiplier-accelerator model with floor determined by capital stock
  • 2005
  • Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 56:3, s. 331-348
  • 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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2.
  • Sushko, Irina, et al. (författare)
  • The Hicksian floor–roof model for two regions linked by interregional trade
  • 2003
  • Ingår i: Chaos, Solitons & Fractals. - 0960-0779 .- 1873-2887. ; 18:3, s. 593-612
  • Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
    • The Hicksian multiplier–accelerator model with the original floor–roof limits to investments is studied for the case of two regions linked by interregional trade. The result is a piecewise linear continuous four dimensional map, which is reduced to three dimensions through the choice of an appropriate distributed consumption lag. The attractors, basins, and bifurcations of the map are studied under the assumption of a certain symmetry between the regions. The Neimark–Hopf bifurcation for piecewise linear maps is described in detail which gives rise to the appearance of an attracting closed invariant curve homeomorphic to a circle. The structure of resonance regions in the parameter space are investigated.
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3.
  • Sushko, Irina, et al. (författare)
  • Tongues of periodicity in a family of two-dimensional discontinuous maps of real Mobius type
  • 2004
  • Ingår i: Chaos, Solitons & Fractals. - : Elsevier BV. - 0960-0779 .- 1873-2887. ; 21:2, s. 403-412
  • Tidskriftsartikel (refereegranskat)abstract
    • In this paper we consider a two-dimensional piecewise-smooth discontinuous map representing the so-called "relative dynamics" of an Hicksian business cycle model. The main features of the dynamics occur in the parameter region in which no fixed points at finite distance exist, but we may have attracting cycles of any periods. The bifurcations associated with the periodicity tongues of the map are studied making use of the first-return map on a suitable segment of the phase plane. The bifurcation curves bounding the periodicity tongues in the parameter plane are related with saddle-node and border-collision bifurcations of the first-return map. Moreover, the particular "sausages structure" of the bifurcation tongues is also explained.
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4.
  • Tramontana, Fabio, et al. (författare)
  • Cournot duopoly when the competitors operate multiple production plants
  • 2009
  • Ingår i: Journal of Economic Dynamics and Control. - : Elsevier BV. - 0165-1889 .- 1879-1743. ; 33:1, s. 250-265
  • Tidskriftsartikel (refereegranskat)abstract
    • This article considers a Cournot duopoly under an isoelastic demand function and cost functions with built-in capacity limits. The special feature is that each firm is assumed to operate multiple plants, which can be run alone or in combination. Each firm has two plants with different capacity limits, so each has three cost options, the third being to run both plants, dividing the load according to the principle of equal marginal costs. As a consequence, the marginal cost functions come in three disjoint pieces, so the reaction functions, derived on basis of global profit maximization, may also consist of disjoint pieces. This is reflected in a particular bifurcation structure, due to border-collision bifurcations and to particular basin boundaries, related to the discontinuities. It is shown that stable cycles may coexist, and the non-existence of unstable cycles constitutes a new property. We also compare the coexistent short periodic solutions in terms of the resulting real profits.
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6.
  • Agliari, Anna, et al. (författare)
  • Global bifurcations of basins in a triopoly game
  • 2002
  • Ingår i: International Journal of Bifurcation and Chaos in Applied Sciences and Engineering. - 0218-1274. ; 12:10, s. 2175-2207
  • Tidskriftsartikel (refereegranskat)abstract
    • A Cournot model based on bounded inverse demand function and constant marginal production costs is studied. The case of three producers is considered and the adjustment process reduces to a three-dimensional noninvertible map in the output of competitors. The analysis of the dynamical behavior of the map is performed by the "critical curve method", extended to the critical surfaces in 3D. By this method, we explain the different bifurcations in the basins of attraction and in the attracting sets. In particular, given the economic application, feasible trajectories are focused, starting from the simple situation of two identical producers and extending the results to the generic case.
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7.
  • Agliari, Anna, et al. (författare)
  • The dynamics of a triopoly Cournot game
  • 2000
  • Ingår i: Chaos, Solitons & Fractals. - 0960-0779 .- 1873-2887. ; 11:15, s. 2531-2560
  • Tidskriftsartikel (refereegranskat)abstract
    • This paper reconsiders the Cournot oligopoly (noncooperative) game with iso-elastic demand and constant marginal costs, one of the rare cases where the reaction functions can be derived in closed form. It focuses the case of three competitors, and so also extends the critical line method for non-invertible maps to the study of critical surfaces in 3D. By this method the various bifurcations of the attractors and their basins are studied. As a special case the restriction of the map to an invariant plane when two of the three firms are identical is focused.
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8.
  • Gallegati, Mauro, et al. (författare)
  • Hicks’ trade cycle revisited : cycles and bifurcations
  • 2003
  • Ingår i: Mathematics and Computers in Simulation. - 0378-4754 .- 1872-7166. ; 63:6, s. 505-527
  • Tidskriftsartikel (refereegranskat)abstract
    • In the Trade Cycle, Hicks introduced the idea that endogenous fluctuations could be coupled with a growth process via nonlinear processes. To argue for this hypothesis, Hicks used a piecewise-linear model. This paper shows the need for a reinterpretation of Hicks’ contribution in the light of a more careful mathematical investigation. In particular, it will be shown that only one bound is needed to have non explosive outcome if the equilibrium point is an unstable focus. It will also be shown that when the fixed point is unstable the attracting set has a particular structure: It is a one-dimensional closed invariant curve, made up of a finite number of linear pieces, on which the dynamics are either periodic or quasi-periodic. The conditions under which the model produces periodic or quasi-periodic trajectories and the related bifurcations as a function of the main economic parameters are determined.
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9.
  • Puu, Tönu, 1936-, et al. (författare)
  • On the Change of Periodicities in the Hicksian Multiplier-Accelerator Model with a Consumption Floor
  • 2006
  • Ingår i: Chaos, Solitons & Fractals. - : Elsevier BV. - 0960-0779 .- 1873-2887. ; 29:3, s. 681-696
  • Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
    • The Hicksian multiplier-accelerator model with “floor” and “ceiling” continues to be the most successful machine generating business cycles. This is, no doubt, due to its capability of explaining both downturn and upswing through one single model. The “ceiling” is due to a full employment constraint, whereas the “floor” is due to a limit to disinvestment when no worn out capital at all is replaced. However, another “floor” to consumption at zero level seems never to have been discussed. Hence, net disinvestments, even if they are bounded downwards, may also give rise to negative consumption, which is absurd. As we will show, the effect of an additional constraint to avoid this is easy to analyze, and results in a change of the periodicities according to a simple rule.
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10.
  • Sushko, Iryna, et al. (författare)
  • Regular and chaotic growth in a Hicksian Floor/ceiling model
  • 2010
  • Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 75:1, s. 77-94
  • 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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