Generation mechanisms of strange nonchaotic attractors and multistable dynamics in a class of nonlinear economic systems

Abstract

In this paper we study strange nonchaotic attractors (SNAs) and multistable dynamics in a class of nonlinear economic systems. For quasiperiodically forced case, the generation and evolution mechanisms of SNAs are discussed. The fractal, Heagy–Hammel, torus doubling, and intermittency routes to SNAs are identified. The Lyapunov exponent, phase sensitive function and power spectrum are used to characterize the dynamical and geometrical properties of SNAs. Moreover, when multistable phenomenon occur in the system, the boundaries of the basin of attraction may become intertwined, which leads to the economic unpredictability in the long run.