| 1. |
- Sushko, Irina, et al.
(author)
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The Hicksian floor–roof model for two regions linked by interregional trade
- 2003
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In: Chaos, Solitons & Fractals. - 0960-0779 .- 1873-2887. ; 18:3, s. 593-612
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Journal article (other academic/artistic)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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| 2. |
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| 3. |
- Puu, Tönu, 1936-, et al.
(author)
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On the Change of Periodicities in the Hicksian Multiplier-Accelerator Model with a Consumption Floor
- 2006
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In: Chaos, Solitons & Fractals. - : Elsevier BV. - 0960-0779 .- 1873-2887. ; 29:3, s. 681-696
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Journal article (other academic/artistic)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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| 4. |
- Puu, Tönu, 1936-
(author)
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The chaotic duopolists revisited
- 1998
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In: Journal of Economic Behavior and Organization. - 0167-2681 .- 1879-1751. ; 33:3-4, s. 385-394
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Journal article (other academic/artistic)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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