Autori
Privileggi, Fabio
Marsiglio, Simone
Mendivil, Franklin
La Torre, Davide

Titolo
Fractal Attractors and Singular Invariant Measures in Two-Sector Growth Models with Random Factor Shares.
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2016 - Volume: 12 - Fascicolo: 20 - Pagina iniziale: 1 - Pagina finale: 23

We analyze a multi-sector growth model subject to random shocks affecting the two sector-specific production functions twofold: the evolution of both productivity and factor shares is the result of such exogenous shocks. We determine the optimal dynamics via Euler-Lagrange equations, and show how these dynamics can be described in terms of an iterated function system with probability. We also provide conditions that imply the singularity of the invariant measure associated with the fractal attractor. Numerical examples show how specific parameter configurations might generate distorted copies of the Barnsley’s fern attractor.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2016dip/wp_20_2016.pdf

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