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The Invariably Stable Cobweb Model

โœ Scribed by R. D. Auster

Book ID
111643112
Publisher
John Wiley and Sons
Year
1971
Tongue
English
Weight
604 KB
Volume
38
Category
Article
ISSN
0034-6527

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๐Ÿ“œ SIMILAR VOLUMES

Heterogeneous beliefs and the non-linear
Heterogeneous beliefs and the non-linear cobweb model
โœ Jacob K. Goeree; Cars H. Hommes ๐Ÿ“‚ Article ๐Ÿ“… 2000 ๐Ÿ› Elsevier Science ๐ŸŒ English โš– 425 KB

This paper generalizes the evolutionary cobweb model with heterogeneous beliefs of Brock and Hommes (1997. Econometrica 65, 1059}1095), to the case of non-linear demand and supply. Agents choose between a simple, freely available prediction strategy such as naive expectations and a sophisticated, co