An analysis of the cobweb model with boundedly rational heterogeneous producers
نویسندگان
چکیده
منابع مشابه
An Analysis of the Cobweb Model with Boundedly Rational Heterogeneous Producers
ABSTRACT. This paper studies the dynamics of the traditional cobweb model with risk averse heterogeneous producers who seek to learn the distribution of asset prices using geometric decay processes (GDP)—the expected mean and variance are estimated as a geometric weighted average of past observations—with either finite or infinite fading memory. With constant absolute risk aversion, the dynamic...
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ژورنال
عنوان ژورنال: Journal of Economic Behavior & Organization
سال: 2006
ISSN: 0167-2681
DOI: 10.1016/j.jebo.2004.07.019