Chaos and Energy:
Do the Fluctuations in the Petroleum Markets Have Non-Economic Causes?
Abstract
In purpose of this paper is to discuss the occurance of bifurcation and
chaos in nonlinear systems in general, and the Pearl-Reed model whi.ch has been used for representing the lynamical behavior of the petroleum resources in Particular. Based on this investigation, it is shown that the observed tluctuations in the petroleum market can be erplained by its interral dynamics and the increase in the growth rate of energy consumption will result in amplification of these fluctuations and ultimately, complete chaos in the energy market.
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