Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function | Zendy

Serena Brianzoni | Zendy; Cristiana Mammana | Zendy; Elisabetta Michetti | Zendy

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Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function

Author(s) -

Serena Brianzoni,

Cristiana Mammana,

Elisabetta Michetti

Publication year - 2012

Publication title -

discrete dynamics in nature and society

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.264

H-Index - 39

eISSN - 1607-887X

pISSN - 1026-0226

DOI - 10.1155/2012/536570

Subject(s) - production (economics) , function (biology) , dynamics (music) , production function , econometrics , growth model , discrete time and continuous time , computer science , mathematics , economics , mathematical economics , statistics , microeconomics , physics , evolutionary biology , acoustics , biology

We study the dynamics shown by the discrete time neoclassical one-sector growth model with differential savings while assuming a nonconcave production function. We prove that complex features exhibited are related both to the structure of the coexixting attractors and to their basins. We also show that complexity emerges if the elasticity of substitution between production factors is low enough and shareholders save more than workers, confirming the results obtained while considering concave production functions

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