Expected Utility in Models with Chaos

In this paper, we provide a framework for calculating expected utility in models with chaotic equilibria and consequently a framework for ranking chaos. Suppose that a dynamic economic model’s equilibria correspond to orbits generated by a chaotic dynamical system f : X ! X where X is a compact metric space and f is continuous. The map f could represent the forward dynamics xt+1 = f(xt) or the backward dynamics xt = f(xt+1). If f represents the forward/backward dynamics, the set of equilibria forms a direct/inverse limit space. We use a natural f-invariant measure on X to induce a measure on the direct/inverse limit space and show that this induced measure is a natural ¾-invariant measure where ¾ is the shift operator. We utilize this framework in the cash-in-advance model of money where f is the backward map to calculate expected utility when equilibria are chaotic.chaos, inverse limits, direct limits, natural invariant measure, cash-in-advance

Properties of generic altitude functions

AbstractUsing the typical C1 -topology, we prove that a generic C1 function f:K⊂Rn↦R on a compact neighborhood which has a zero gradient point necessarily has a zero-measure Cantor set C on which its gradient vanishes and on which its set of local extrema is dense

Shift Maps and Their Variants on Inverse Limits with Set-Valued Functions

We study inverse limits with set-valued functions using a pull-back construction and representing the space as an ordinary inverse limit space, which allows us to prove some known results and their extensions in a unified scheme. We also present a scheme to construct shift dynamics on the limit space and give some examples using the construction

Transitive points in CR-dynamical systems

We study different types of transitive points in CR-dynamical systems (X,G) with closed relations G on compact metric spaces X. We also introduce transitive and dense orbit transitive CR-dynamical systems and discuss their properties and the relations between them. This generalizes the notion of transitive topological dynamical systems (X, f )

An uncountable family of non-smooth fans that admit transitive homeomorphisms

Recently, many examples of smooth fans that admit a transitive homeomorphism have been constructed. For example, a family of uncountably many pairwise non-homeomorphic smooth fans that admit transitive homeomorphisms was constructed. In this paper, we construct a family of uncountably many pairwise non-homeomorphic non-smooth fans that admit transitive homeomorphisms.Comment: arXiv admin note: text overlap with arXiv:2309.04003, arXiv:2209.0760

A really topological treatment of some aspects of Carathéodory’s theory of prime ends

A homeomorphism approximation technique is applied to give (1) proofs of some theorems of C. Carathéodory, and (2) a proof of a theorem of N. Rutt. The proofs use only tools from general topology (and are new in that respect), and a generalization of a theorem of Carathéodory is obtained