A note on controlling a chaotic tatonnement

The paper studies the possibility of 'targeting' or 'controlling' a chaotic tatonnement by suitable perturbations of the law of motion. The analysis is in the context of a parametric class of exchange economies which are shown to constitute the logistic family of dynamical systems under the tatonnement process. Computer simulations suggest that the control method is effective in attaining neighborhoods of competitive equilibria for many members of this class of economies in a decentralized manner. (C) 1998 Elsevier Science B.V.