NONLINEAR DYNAMICS AND ECONOMIC-INSTABILITY - THE OPTIMAL MANAGEMENT OF A BIOLOGICAL POPULATION

Authors
CHAVAS JP HOLT M
Citation
Jp. Chavas et M. Holt, NONLINEAR DYNAMICS AND ECONOMIC-INSTABILITY - THE OPTIMAL MANAGEMENT OF A BIOLOGICAL POPULATION, Journal of agricultural and resource economics, 20(2), 1995, pp. 231-246
Citations number
24
Categorie Soggetti
Economics,"AgricultureEconomics & Policy
Journal title
Journal of agricultural and resource economics → ACNP
ISSN journal
10685502
Volume
20
Issue
2
Year of publication
1995
Pages
231 - 246
Database
ISI
SICI code
1068-5502(1995)20:2<231:NDAE-T>2.0.ZU;2-#
Abstract
Assuming a competitive market, conditions are determined for when a st eady-state equilibrium does not exist in the optimal dynamic managemen t of a biological population. Irregular and unpredictable behavior (ca lled ''chaos'') can arise from fully rational economic decision making . High interest rate, adjustment costs, and an inelastic demand can co ntribute to market instability.