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 interest rate, adjustment costs, and an inelastic demand can contribute to market instability.


Issue Date:
1995-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/30770
Published in:
Journal of Agricultural and Resource Economics, Volume 20, Number 2
Page range:
231-246
Total Pages:
16




 Record created 2017-04-01, last modified 2017-08-24

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