Instability in the Cobweb Model under the BNN dynamic
نویسنده
چکیده
The cobweb model where firms choose between rational and naive forecasting strategies has a 2-cycle when the elasticity of supply is greater than the elasticity of demand for a number of different dynamics describing the evolution of strategy choices. This paper proves that the 2-cycle is exponentially unstable under the learning dynamic of Brown, von Neuman and Nash (1950). Issues arising in the analysis of piecewise smooth discrete time maps are discussed.
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