The paper reviews historical applications of singularities and catastrophe theory in economics via Thom and Debreu and frames the Nash-quantal response equilibrium relationship as analogous to deterministic versus stochastic catastrophe theory.
Can a stochastic cusp catastrophe model explain housing market crashes? Journal of Economic Dynamics and Control , 69:68–88
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Singularities and Catastrophes in Economics: Historical Perspectives and Future Directions
The paper reviews historical applications of singularities and catastrophe theory in economics via Thom and Debreu and frames the Nash-quantal response equilibrium relationship as analogous to deterministic versus stochastic catastrophe theory.