Elements Of Chaotic Microeconomics

Only recently chaos theory has become an operative tool to analyze a variety of phenomena, including microeconomics. Microeconomics is a branch of economics that studies how individuals (consumers, producers), households, and firms make decisions to allocate limited resources amongst many alternative uses. Significant field of study in microeconomics includes market structure. Market structure can deals with a number of economic ‘models’. Chaotic models of market structure are a representation of reality to help us to understand what may be happening in real life. There are extremes to the model that are unlikely to occur in reality. The basic aims of this book is to set up twelve chaotic microeconomic models. These models still have value as they enable us to draw comparisons with economic reality. Models help therefore in analysing different market structure.