Complex dynamics associated with the appearance/disappearance invariant closed curves
In this paper we study some global bifurcations arising in a heterogeneous financial model with fundamentalists and imitators Such bifurcations which cause the appearance and disappearance of closed invariant curves (attracting or repelling) involve stable and unstable sets of a saddle cycle with consequent changes in their dynamic behavior. Numerical investigations show the transition between two qualitatively different regimes are characterized by the occurrence of homoclinic tangles with chair dynamics. (C) 2010 Published by Elsevier B.V. on behalf of IMACS.
homoclinic tangle discrete dynamical systems subcritical neimark-sacker bifurcation