E&F Chaos: a user friendly software package for nonlinear economic dynamics

The use of nonlinear dynamic models in economics and finance has
expanded rapidly in the last two decades.Numerical simulation is crucial in the investigation
of nonlinear systems.E&FChaos is an easy-to-use and freely available software
package for simulation of nonlinear dynamic models to investigate stability of steady
states and the presence of periodic orbits and chaos by standard numerical simulation
techniques such as time series, phase plots, bifurcation diagrams, Lyapunov exponent
plots, basin boundary plots and graphical analysis. The package contains many wellknown
nonlinear models, including applications in economics and finance, and is easy
to use for non-specialists. New models and extensions or variations are easy to implement
within the software package without the use of a compiler or other software.
The software is demonstrated by investigating the dynamical behavior of some simple
examples of the familiar cobweb model, including an extension with heterogeneous
agents and asynchronous updating of strategies. Simulations with the E&F Chaos
software quickly provide information about local and global dynamics and easily lead
to challenging questions for further mathematical analysis.