Financial conditions, strategic interaction and complex dynamics: a game-theoretic model of financially driven fluctuations
نویسندگان
چکیده
We propose a game-theoretic model in which each firm chooses the level of economic activity on the basis of its own financial conditions and of the financial conditions of rival firms. The model generates the laws of motion of firms’ net worth which may determine convergence to a symmetric steady state or more complex dynamical behaviors, periodic or chaotic, depending on the values of the parameters. © 2003 Elsevier Science B.V. All rights reserved. JEL classification: C7; E3; L1
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