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<p>The present paper aims to further develop applicable methodology for studying the effect(s) of noise in dynamic economic settings. For that purpose we analyze a two-dimensional smooth non-invertible map modeling rational consumer choice in the presence of exogenous noise. To obtain a baseline, we first study the attractors of the deterministic system representing long-run consumption patterns, their basins of attraction and bifurcation scenarios. Here, we identify and characterize two areas of the parameter space in which extreme forms of multistability exist. In one of the parametric zones, all possible forms of attractors (fixed point, cycle, closed invariant curve, and chaotic attractor) coexist. To analyze noise-induced phenomena we use the stochastic sensitivity function technique and the confidence domain method. We describe successive multistage transitions between attractors and groups of attractors and define a dominant attractor characterizing the final state of long-run consumption behavior.</p>

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Noise-induced multistage transitions in a dynamic model of rational consumer choice

  • 期刊论文

  • 发表日期：

    2025年9月30日

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  • Jochen Jungeilges,
  • Trygve Kastberg Nilssen,
  • Makar Pavletsov,
  • Tatyana Perevalova

摘要

The present paper aims to further develop applicable methodology for studying the effect(s) of noise in dynamic economic settings. For that purpose we analyze a two-dimensional smooth non-invertible map modeling rational consumer choice in the presence of exogenous noise. To obtain a baseline, we first study the attractors of the deterministic system representing long-run consumption patterns, their basins of attraction and bifurcation scenarios. Here, we identify and characterize two areas of the parameter space in which extreme forms of multistability exist. In one of the parametric zones, all possible forms of attractors (fixed point, cycle, closed invariant curve, and chaotic attractor) coexist. To analyze noise-induced phenomena we use the stochastic sensitivity function technique and the confidence domain method. We describe successive multistage transitions between attractors and groups of attractors and define a dominant attractor characterizing the final state of long-run consumption behavior.