Autori
Privileggi, Fabio
Marsiglio, Simone
La Torre, Davide

Titolo
Fractal Attractors in Economic Growth Models with Random Pollution Externalities
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2018 - Volume: 2 - Fascicolo: 1 - Pagina iniziale: 1 - Pagina finale: 19

We analyze a discrete time two-sector economic growth model where the production technologies in the final and human capital sectors are affected by random shocks both directly (via productivity and factor shares) and indirectly (via a pollution externality). We determine the optimal dynamics in the decentralized economy and show how these dynamics can be described in terms of a two-dimensional affine iterated function system with probability. This allows us to identify a suitable parameter configuration capable of generating exactly the classical Barnsley’s fern as the attractor of the log-linearized optimal dynamical system.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2018dip/wp_1_2018.pdf

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