A discrete and symmetric price adjustment process on the simplex
نویسنده
چکیده
We study the ta( tonnement process in an exchange economy with three commodities and three agents. We argue that for the multiplicative ta( tonnement process the simplex is a natural normalization rule. We analyse the in#uence of symmetry in preferences and endowments on the dynamics of the ta( tonnement process. Depending on this symmetry there are di!erent bifurcation routes to chaos. In particular, coexisting attractors may emerge when the symmetric equilibrium price vector becomes unstable. This coexistence of attractors is robust in the sense that it also exists for close-by asymmetric ta( tonnement processes. ( 2000 Elsevier Science B.V. All rights reserved. JEL classixcation: D51; E30
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