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International Conference on Mathematical Modeling and Scientific Computing
April 2-6, 2001
Middle East Technical University and Selcuk University
Ankara and Konya, Turkey

Organizers
F. Bornemann (Munich University of Tecnology, Germany), H. Bulgak (Selcuk University, Konya, Turkey), V. Ganzha (Munich University of Technology, Germany), B. Karasozen (METU, Ankara, Turkey), A. Sinan (Selcuk University, Konya, Turkey), C. Zenger (Munich University of Technology, Germany)

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Economic Dynamics and Returns to Scale Under Imperfect Competition: Bifurcation Analysis
by
Esma Gaygisiz
Department of Economics, METU, Turkey

The theory of bifurcations is widely used to investigate and categorize the dynamic behavior of a wide variety of economic models. Bifurcation theory has received the most intensive application in the study of business cycles and economic fluctuations. In this context this study provides an endogenous business cycle model in which changes in the degree of returns to scale in production technology lead to bifurcation events under imperfect competition. The model is based on an economy that functions with imperfectly competitive product markets but perfectly competitive input markets with overlapping generations. The analysis of the model shows how the dynamic behavior of the imperfectly competitive economy is affected by the degree of returns to scale in technology when the wage elasticity of labor supply is zero.

Date received: February 19, 2001

Copyright © 2001 by the author(s). The author(s) of this document and the organizers of the conference have granted their consent to include this abstract in Atlas Conferences Inc. Document # cagk-70.