The Cost of “Tiny” Imprecision: Chaotic Dynamics
Chaotic dynamics describe systems that have no “noise” in them, but which can be predicted perfectly only with infinitely precise information about the system’s value of some point. The example below illustrates the long-run impact of “tiny imprecision” in this information. In the limit (as n->infinity), all reasonable starting points generate the same long-run distribution of outcomes.
Starting Conditions: (x0=0.2 & x0=0.2001)
