Iterated Function Systems with Economic Applications

TL;DR

This paper explores the application of iterated function systems to model and analyze the dynamics of social and economic systems, focusing on random utility functions and stochastic growth models.

Contribution

It bridges the theory of iterated function systems with economic modeling, providing new insights into social system dynamics.

Findings

Demonstrates how iterated function systems can model economic behaviors

Analyzes specific models like random utility and stochastic growth

Provides a framework for future research in economic dynamics

Abstract

This work's purpose is to understand the dynamics of some social systems whose properties can be captured by certain iterated function systems. To achieve this intension, we start from the theory of iterated function systems, and then we study two specific economic models on random utility function and optimal stochastic growth.