Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market

Ma, Junhai; Mu, Lingling

doi:https://doi.org/10.1155/2007/29207

Discrete Dynamics in Nature and Society

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Research Article | Open Access

Volume 2007 | Article ID 029207 | https://doi.org/10.1155/2007/29207

Complex Dynamics in a Nonlinear Cobweb Model for Real Estate Market

Junhai Ma¹and Lingling Mu¹

Received10 Oct 2006

Revised01 Apr 2007

Accepted02 Jul 2007

Published09 Aug 2007

Abstract

We establish a nonlinear real estate model based on cobweb theory, where the demand function and supply function are quadratic. The stability conditions of the equilibrium are discussed. We demonstrate that as some parameters varied, the stability of Nash equilibrium is lost through period-doubling bifurcation. The chaotic features are justified numerically via computing maximal Lyapunov exponents and sensitive dependence on initial conditions. The delayed feedback control (DFC) method is applied to control the chaos of system.

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Copyright

Copyright © 2007 Junhai Ma and Lingling Mu. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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