✦ LIBER ✦

Resuscitating the cobweb cycle

✍ Scribed by Klaus Reiner Schenk-Hoppé

Book ID: 102215011
Publisher: John Wiley and Sons
Year: 2004
Tongue: English
Weight: 55 KB
Volume: 23
Category: Article
ISSN: 0277-6693
DOI: 10.1002/for.936

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

This article shows that permanent fluctuations in the cobweb model—though inconsistent with a rational expectations equilibrium—can be justified as being rational when reinterpreting the model in the theory of rational beliefs. Copyright © 2004 John Wiley & Sons, Ltd.

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