Complexities in Micro-Economic Behrens Feichtinger Model

Complexities in the micro-economic Behrens–Feichtinger system have been studied in details. Deterministic as well stochastic models have been proposed in this context. Complexities in these systems are supposed as the results of interaction among multiple agents within the system. Chaotic motionsare observed for certain set of values of system parameters. Bifurcation diagram has been drawn for each systemto study regular and chaotic behavior. In the processes of numerical studies, Lyapunov exponents, topological entropies and correlation dimensions have been calculated for both the forms of Behrens–Feichtinger system. Lyapunov exponents provide certain measure of chaos, topological entropies provide measure of complexity and correlation dimensions provide the dimensionality of the system. It has been observed that even if the system is regular it can have significant positive topological entropy (i.e., presence of complexity). Also, if the system shows chaos that does not mean it is complex. Numerical results are displayed through interesting graphics.