(1998) examined how the two assumptions would produce steady or cha-
otic results using a household finance model in which households adjust
their spending in the face of income, taxes, expected interest rates, and need
for savings. He used a mathematical analysis to compare the results of the
two decision strategies. Hommes and Rosser (2001) performed a similar
analysis of management strategies for fishing harvests, which have particu-
larly complicated chaotic dynamics, in the face of fluctuating market prices
and competition with other agents for open access supplies of fish. They
found that the stochastic thinkers actually produce ...
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