Abstract
We analyze a class of models representing heterogeneous agents with adaptively rational rules. The models reduce to non invertible maps of R2. In particular we shall investigate the homoclinic bifurcation of the saddle fixed point, which causes the sudden transition to a chaotic attractor (or strange attractor, with self-similar structure).
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© 2003 Springer-Verlag Berlin Heidelberg
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Foroni, I., Gardini, L. (2003). Heterogeneous Models with Learning and Homoclinic Bifurcations. In: Cowan, R., Jonard, N. (eds) Heterogenous Agents, Interactions and Economic Performance. Lecture Notes in Economics and Mathematical Systems, vol 521. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-55651-7_3
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DOI: https://doi.org/10.1007/978-3-642-55651-7_3
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-44057-4
Online ISBN: 978-3-642-55651-7
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