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  3. Journal of Economic Perspectives
  4. Winter 1989
  5. Chaos: Significance, Mechanism, and Economic Applications

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Chaos: Significance, Mechanism, and Economic Applications

  • William J. Baumol
  • Jess Benhabib
Journal of Economic Perspectives
vol. 3, no. 1, Winter 1989
(pp. 77–105)
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Abstract

Chaos has become a subject of great interest to specialists and nonspecialists alike. Besides economics, it has entered the literature of geometry, physics, ecology and meteorology. This article seeks to describe what it is, how it works, and what it means for economics.

Citation

Baumol, William J., and Jess Benhabib. 1989. "Chaos: Significance, Mechanism, and Economic Applications." Journal of Economic Perspectives 3 (1): 77–105. DOI: 10.1257/jep.3.1.77

JEL Classification

  • C22 Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
  • C61 Optimization Techniques; Programming Models; Dynamic Analysis
  • E32 Business Fluctuations; Cycles