Table 1.
Examples of coupled subsystems in which each subsystem undergoes sudden changes in the form of saddle-node bifurcations, in models cited in the column ‘regime shift'. The column ‘scalar quantity' describes the state of the subsystem, and it corresponds to x(t), y(t) or z(t) in the model in §2. Citations in the fourth column include empirical studies and mathematical models.
discipline | regime shift | scalar quantity | examples of couplings among subsystems |
---|---|---|---|
ecology | extinction due to over-harvesting [15,16] | population | diffusion among patches of an ecosystem [2,4] |
economics | boom and bust in the Kaldor model of business cycles [17] | output (gross domestic product) | investment between sectors [18], trade [13] and capital flows [19] between countries can synchronize business cycles |
economics | currency crisis (devaluation or, for a peg, loss of reserves) [20] | currency value | changes in macroeconomic fundamentals, sentiment, perceived riskiness, risk aversion [20] and trade [21] |
economics | poverty trap [22,23] | well-being (capital, capabilities) | fractal poverty traps [9] |
finance | asset price declines [24,25] | asset price | asset-to-asset contagion (a bank with a declining asset sells other assets) [26] |
finance | probability of bank failure [27] | probability of bank failure | worry about institutions' creditworthiness spreads contagiously [28] |
technology adoption | sudden change to new platform [13,29] | difference between supply and demand of the new platform | movement of people among distinct markets [14] |
political | uprisings, revolts [30,31] | number of protestors | communication spreads inspiration, successful strategies across borders [11,12,32,33]; raising importance of identity [31] that span borders [34] |