Erratic accumulation

Jess Benhabib, Richard H. Day

    Research output: Contribution to journalArticlepeer-review


    We study a simple, deterministic overlapping-generations model with capital accumulation where the discount rate of each generation is positively related to its lifetime wealth. We show that the trajectories for the capital stock can be periodic of arbitrary high order or totally aperiodic and chaotic and even ergodic.

    Original languageEnglish (US)
    Pages (from-to)113-117
    Number of pages5
    JournalEconomics Letters
    Issue number2
    StatePublished - 1980

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics


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