Controlling Chaos in a Model with Heterogeneous Beliefs

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dc.contributor.author Heilig, Stephan de_DE
dc.contributor.author Schöbel, Rainer de_DE
dc.date.accessioned 2012-08-29 de_DE
dc.date.accessioned 2014-03-18T10:04:02Z
dc.date.available 2012-08-29 de_DE
dc.date.available 2014-03-18T10:04:02Z
dc.date.issued 2001 de_DE
dc.identifier.other 370497074 de_DE
dc.identifier.uri http://nbn-resolving.de/urn:nbn:de:bsz:21-opus-63999 de_DE
dc.identifier.uri http://hdl.handle.net/10900/47959
dc.description.abstract In this paper we generalize a chaos control method developed by Ott, Grebogi and Yorke (1990) to control saddle points in R2 which are embadded in a strange attractor of a chaotic system. Our generalized method admits to control any unstable equilibrium in R2. We apply our findings to control the dynamics of the chaotic asset pricing model of Brock and Hommes (1998). In this model chaotic price movements are caused by heterogenous market participants. We introduce a control authority which trades the risky asset like the other market participants. Using our control approach, it is possible for the authority to stabilize the market price with minimum effort. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podno de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en en
dc.subject.classification Chaotisches System , Kontrolle de_DE
dc.subject.ddc 330 de_DE
dc.title Controlling Chaos in a Model with Heterogeneous Beliefs en
dc.type WorkingPaper de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
dcterms.DCMIType Text de_DE
utue.publikation.typ workingPaper de_DE
utue.opus.id 6399 de_DE
utue.opus.portal wiwidisk de_DE
utue.opus.portalzaehlung 205.00000 de_DE
utue.publikation.source Tübinger Diskussionsbeiträge der Wirtschaftswissenschaftlichen Fakultät ; 205 de_DE
utue.publikation.reihenname Tübinger Diskussionsbeitrag de_DE
utue.publikation.zsausgabe 205
utue.publikation.erstkatid 2136475-8

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