Excerpt from Deterministic Chaos in an Experimental Economic System
Recent work in the physical sciences has shown deterministic chaos to be a common mode of behavior in dynamic systems, thus stimulating the search for chaos and other highly nonlinear phenomena in human systems. Indeed, there has been a near explosion of models and empirical studies which seek to show the relevance of nonlinear dynamics and chaos in social and economic settings. Several journals have devoted special issues to chaos and models of nonlinear, disequilibrium dynamics in human systems.1 This robust literature can be divided roughly into (1) theoretical models of nonlinear dynamics, and (2) empirical studies which seek evidence of chaos in economic data.
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