A Stochastic Cobweb Dynamical Model

Figure 4

Probability distributions after 𝑚-time steps obtained using (3.3) with 𝛾=0.5, 𝑞=0.6, and initial condition 𝑃₀=2 with probability one, that is, 𝜋_𝑖(0)=𝛿_𝑖,2,𝑖=1,2,…,11, with different values of 𝜇∶𝜇=3.33 (panel (a)) and 𝜇=3.34 (panel (b)).

(a)

(b)