Empirical Investigation of a Catastrophe Theory Extension of the Phillips Curve

Fischer, Edwin O.; Jammernegg, Werner

doi:10.2307/1924922

Cited by 23 publications

(11 citation statements)

References 14 publications

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“…Later on, the subjective and objective aspects of risk analysis focused on multiple events, for example -chaos theory, catastrophe theory, prospect theory and game theory (Schmitt, 1969;Fischer and Jammernegg, 1986;Gul, 1997;Bernstein, 1998;Rosser Jr, 1999;Peng et al, 2004;Gardner, 2008). These theories were frequently used by social science research to understand decision making under uncertainty.…”

Section: Risk Management Structurementioning

confidence: 99%

An exploration of risk management in global industrial investment

Kumar

Gregory

2013

Risk Manag

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This article explores risk management in global industrial investment by identifying linkages and gaps between theories and practices. It identifies opportunities for further development of the field. Three related bodies of literature have been reviewed: risk management, global manufacturing and investment. The review suggests that risk management in global manufacturing is overlooked in the literature; that existing theoretical risk management processes are not well developed in the global manufacturing context and that the investment literature applies mainly to financial risk assessment rather than investment risk management structures. Further, there appears to be a serious lack of systematic industrial risk management in investment decision making. This article highlights the opportunities to deploy current good practices more effectively as well as the need to develop more robust theories of industrial investment risk management. The approach adopted to investigate this multidisciplinary topic included a historical review of literature to understand the diverse background of theoretical development. A case study research approach was adopted to collect data, involving four global manufacturing companies and one risk management advisory company to observe the patterns and rationale of current practices. Supporting arguments from secondary data sources reinforced the findings. The research focuses risk management in global industrial investment. It links theories with practice to understand the existing knowledge gap and proposes key research themes for further research.

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Section: Risk Management Structurementioning

confidence: 99%

An exploration of risk management in global industrial investment

Kumar

Gregory

2013

Risk Manag

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“…Recently, some progress has been recorded, an example of which could be empirical methods such as multi-modal models. As far as economics is concerned, the first step has already been taken by Fischer and Jammernegg [33], who carried out an estimation of catastrophic unfolding of the Phillips curve and they acquired results that confirm its great usefulness in comparison with the traditional approach.…”

Section: Applications Of Catastrophe Theory In Economicsmentioning

confidence: 99%

Catastrophes and Chaos in Business Cycle Theory

Jakimowicz

2010

Acta Phys. Pol. A

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The primary thesis of this paper is that a nonlinear dynamical systems theory provides a basis for conducting all kinds of comparisons in the theory of business cycles, and it also enables its further development. A cognitive aim was to show that applying the theory of bifurcations and morphogenesis in the domain of economic fluctuations allows us to construct models of the cycle with greater explicatory and utility values than there were so far. In this way, the precision and consistency of the theory increases. In this field, applications of catastrophe theory are of great importance. Another fact was indicated, namely the theory of deterministic chaos places the issues of explanation and forecasting in economics in a totally different light. It turns out that we are dealing with at least three sources of complexity in economic systems: chaotic attractors, invariant chaotic sets that are not attracting in the form of chaotic saddles and the effects of fractal basin boundaries. This, in turn, limits the effectiveness of traditional economic policy. Economic management should be based on procedures that lower complexity of economic systems, however sometimes lower complexity incurs bigger instability. The paper is a survey of applications of nonlinear dynamical systems to mathematical business cycle models. The survey encompasses both earlier models that were built in 1970s, as well as later concepts. The paper also features a few of my newest results of numerical studies of some nonlinear economic systems.

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“…This was due to Fischer and Jammernegg (1986). The method they used was a multi-modal density function due to Cobb (1978Cobb ( , 1981, with further discussion by Cobb et al (1983) and Zacks (1985, 1988).…”

Section: Article In Pressmentioning

confidence: 99%

“…As noted above in the discussion of Fischer and Jammernegg (1986), it is possible to use multi-modal methods developed by Cobb (1978Cobb ( , 1981 and others. Crucial to these techniques are data adjustments for location, often using deviations from the sample mean, and for scale that use some variability from a mode rather than the mean.…”

Section: Article In Pressmentioning

confidence: 99%

The rise and fall of catastrophe theory applications in economics: Was the baby thrown out with the bathwater?

Rosser

2007

Journal of Economic Dynamics and Control

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Empirical Investigation of a Catastrophe Theory Extension of the Phillips Curve

Cited by 23 publications

References 14 publications

An exploration of risk management in global industrial investment

An exploration of risk management in global industrial investment

Catastrophes and Chaos in Business Cycle Theory

The rise and fall of catastrophe theory applications in economics: Was the baby thrown out with the bathwater?

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