A Dynamic Economic Model with Discrete Time and Consumer Sentiment

<table><svg height="16.625" id="M247" style="vertical-align:-3.56265pt" version="1.1" viewbox="0 0 99.087502 16.625" width="99.087502" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.138)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,5.944,12.138)"><path d="M556 393q0 -39 -36 -106q-42 -78 -185 -279q-47 -66 -81 -108t-117 -135l-112 -26l-8 22q150 90 251 219q-6 136 -39 340q-8 53 -21 53q-6 0 -27 -19.5t-38 -42.5l-16 26q80 111 127 111q23 0 35 -28t20 -90q18 -137 27 -263h2q142 200 142 279q0 24 -14 48q-4 7 5 26
q13 28 43 28q18 0 30 -15.5t12 -39.5z" id="x1D466"></path></g><g transform="matrix(.017,-0,0,-.017,15.786,12.138)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,21.668,12.138)"><path d="M324 430l-26 -36l-112 -4l-55 -265q-13 -66 7 -66q13 0 44.5 20t50.5 40l17 -24q-38 -40 -85.5 -73.5t-87.5 -33.5q-50 0 -21 138l55 262h-80l-2 8l25 34h66l25 99l78 63l10 -9l-37 -153h128z" id="x1D461"></path></g><g transform="matrix(.017,-0,0,-.017,31.238,12.138)"><path d="M535 230h-483v50h483v-50z" id="x2212"></path></g><g transform="matrix(.017,-0,0,-.017,44.99,12.138)"><path d="M384 0h-275v27q67 5 81.5 18.5t14.5 68.5v385q0 38 -7.5 47.5t-40.5 10.5l-48 2v24q85 15 178 52v-521q0 -55 14.5 -68.5t82.5 -18.5v-27z" id="x31"></path></g><g transform="matrix(.017,-0,0,-.017,53.15,12.138)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g><g transform="matrix(.017,-0,0,-.017,59.031,12.138)"><path d="M95 130q31 0 61 -30t30 -78q0 -53 -38 -87.5t-93 -51.5l-11 29q77 31 77 85q0 26 -17.5 43t-44.5 24q-4 0 -8.5 6.5t-4.5 17.5q0 18 15 30t34 12z" id="x2C"></path></g><g transform="matrix(.017,-0,0,-.017,65.746,12.138)"><path d="M556 393q0 -39 -36 -106q-42 -78 -185 -279q-47 -66 -81 -108t-117 -135l-112 -26l-8 22q150 90 251 219q-6 136 -39 340q-8 53 -21 53q-6 0 -27 -19.5t-38 -42.5l-16 26q80 111 127 111q23 0 35 -28t20 -90q18 -137 27 -263h2q142 200 142 279q0 24 -14 48q-4 7 5 26
q13 28 43 28q18 0 30 -15.5t12 -39.5z" id="x1D466"></path></g><g transform="matrix(.017,-0,0,-.017,75.588,12.138)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,81.47,12.138)"><path d="M324 430l-26 -36l-112 -4l-55 -265q-13 -66 7 -66q13 0 44.5 20t50.5 40l17 -24q-38 -40 -85.5 -73.5t-87.5 -33.5q-50 0 -21 138l55 262h-80l-2 8l25 34h66l25 99l78 63l10 -9l-37 -153h128z" id="x1D461"></path></g><g transform="matrix(.017,-0,0,-.017,87.266,12.138)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g><g transform="matrix(.017,-0,0,-.017,93.148,12.138)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g>
</svg> in the deterministic case for <svg height="12.4375" id="M248" style="vertical-align:-0.1638pt" version="1.1" viewbox="0 0 49.174999 12.4375" width="49.174999" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.162)"><path d="M530 686q-79 -330 -126 -595q-5 -24 4 -24q22 0 77 53l16 -24q-42 -49 -88 -78.5t-72 -29.5q-37 0 -19 83l21 99h-2q-62 -83 -153 -141q-65 -41 -97 -41q-28 0 -48 31.5t-20 91.5q0 71 32.5 144t88.5 118q36 30 94 52.5t94 22.5q38 0 68 -13l29 158q7 40 2 47.5t-38 7.5
h-35l1 26q39 4 76 13.5t58.5 17t27.5 7.5q16 0 9 -26zM387 375q-11 11 -38.5 20t-51.5 9q-45 0 -79 -23q-46 -32 -77.5 -107.5t-31.5 -143.5q0 -40 9.5 -58.5t23.5 -18.5q40 0 113.5 70t99.5 118z" id="x1D451"></path></g><g transform="matrix(.017,-0,0,-.017,14.205,12.162)"><path d="M535 323h-483v50h483v-50zM535 138h-483v50h483v-50z" id="x3D"></path></g><g transform="matrix(.017,-0,0,-.017,28.909,12.162)"><path d="M241 635q53 0 94 -28.5t63.5 -76t33.5 -102.5t11 -116q0 -58 -11 -112.5t-34 -103.5t-63.5 -78.5t-94.5 -29.5t-95 28t-64.5 75t-34.5 102.5t-11 118.5q0 58 11.5 112.5t34.5 103t64.5 78t95.5 29.5zM238 602q-32 0 -55.5 -25t-35.5 -68t-17.5 -91t-5.5 -105
q0 -76 10 -138.5t37 -107.5t69 -45q32 0 55.5 25t35.5 68.5t17.5 91.5t5.5 105t-5.5 105.5t-18 92t-36 68t-56.5 24.5z" id="x30"></path></g><g transform="matrix(.017,-0,0,-.017,37.069,12.162)"><path d="M113 -12q-24 0 -39.5 16t-15.5 42q0 24 16 40.5t40 16.5t40 -16.5t16 -40.5q0 -26 -16 -42t-41 -16z" id="x2E"></path></g><g transform="matrix(.017,-0,0,-.017,40.944,12.162)"><path d="M249 635q70 0 116 -43t46 -105q0 -46 -28 -80q-22 -25 -80 -64q62 -35 97 -75t35 -99q0 -81 -63 -131t-135 -50q-83 0 -137.5 45.5t-54.5 123.5q0 52 45 95q29 28 89 64q-109 62 -109 155q0 66 50.5 115t128.5 49zM238 603q-42 0 -67.5 -31t-25.5 -72q0 -50 32.5 -79.5
t98.5 -62.5q61 48 61 124q0 59 -29.5 90t-69.5 31zM248 20q46 0 76.5 33.5t30.5 89.5q0 50 -39 85.5t-110 71.5q-81 -54 -81 -137q0 -67 35.5 -105t87.5 -38z" id="x38"></path></g>
</svg>.</table>

Discrete Dynamics in Nature and Society

A Dynamic Economic Model with Discrete Time and Consumer Sentiment

Figure 11