The concept of bifurcation in a dynamical system is illustrated through several examples. The elementary catastrophes are equilibrium sets of specific kinds of dynamical systems. The framework of bifurcating dynamical systems is put forward as an alternative to catastrophe theory models. Dynamical systems models require explicit accounting of all their underlying hypotheses. They offer unambiguous answers in return. The fuzzy transition from hypotheses to results so characteristic of the catastrophe theory literature is absent. The method is illustrated using a stock‐market model.
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Antal Majthay (1980) studied this question.
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