Market Instability and Nonlinear Dynamics
用一个美国乳业市场均衡模型，研究非线性动力学如何导致市场不稳定，发现即使没有不确定性，缺乏弹性的需求也会引发市场不稳定和混沌。
Abstract The potential role of nonlinear dynamics in generating market instability is investigated using a simple market equilibrium model of the U.S. dairy industry. The supply function reflects the nonlinear dynamics of the dairy herd, as estimated by Chavas and Klemme. It is shown that, in the absence of any uncertainty, an inelastic demand contributes to market instability and chaos.