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Chaotic Footloose Capital
Pasquale Commendatore1, Martin Currie, Ingrid Kubin
1Dipartimento di Teoria Economica e Applicazioni, Università di Napoli Federico II, Via Rodinò 22, I-80138 Napoli, Italy. commenda@unina.it
Nonlinear Dynamics, Psychology, and Life Sciences
|March 16, 2007
Summary
This study reveals that discrete-time Footloose Capital models exhibit complex dynamics like cycles and chaos. Long-term industry location depends heavily on transport costs and capitalist responsiveness.
Area of Science:
- Economics
- Economic Geography
- Spatial Economics
Background:
- The Footloose Capital model analyzes industry location decisions.
- Existing models often use continuous time, limiting dynamic possibilities.
Purpose of the Study:
- To investigate the long-term dynamics of a discrete-time Footloose Capital model.
- To explore how transport costs and capitalist behavior influence industry location.
Main Methods:
- Analysis of a discrete-time dynamical system.
- Examination of model behavior under varying parameters for transport costs and profit responsiveness.
Main Results:
- The discrete-time model demonstrates richer dynamics, including cycles of any periodicity and chaotic behavior.
- Industry concentration is linked to high transport costs or rapid capitalist responses.
- Model behavior is highly sensitive to these key economic factors.
Conclusions:
- Discrete-time modeling offers a more comprehensive understanding of spatial industry dynamics.
- Transport costs and capitalist responsiveness are critical determinants of industry clustering and volatility.
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