Research@StAndrews
 
The University of St Andrews

Research@StAndrews:FullText >
University of St Andrews Research >
University of St Andrews Research >
University of St Andrews Research >

Please use this identifier to cite or link to this item: http://hdl.handle.net/10023/1534
This item has been viewed 24 times in the last year. View Statistics

Files in This Item:

File Description SizeFormat
Lasselle2005-MacroeconomicDynamics9-Stability.pdf305.01 kBAdobe PDFView/Open
Title: Stability and cycles in a cobweb model with heterogeneous expectations
Authors: Lasselle, Laurence
Svizzero, S
Tisdell, C
Keywords: Bounded rationality
Cobweb model
Flip bifurcation
Neimark-Sacker bifurcation
HB Economic Theory
Issue Date: Nov-2005
Citation: Lasselle , L , Svizzero , S & Tisdell , C 2005 , ' Stability and cycles in a cobweb model with heterogeneous expectations ' Macroeconomic Dynamics , vol 9 , no. 5 , pp. 630-650 .
Abstract: We investigate the dynamics of a cobweb model with heterogeneous beliefs, generalizing the example of Brock and Hommes (1997). We examine situations where the agents form expectations by using either rational expectations, or a type of adaptive expectations with limited memory defined from the last two prices. We specify conditions that generate cycles. These conditions depend on a set of factors that includes the intensity of switching between beliefs and the adaption parameter. We show that both Flip bifurcation and Neimark-Sacker bifurcation can occur as primary bifurcation when the steady state is unstable.
Version: Publisher PDF
Status: Peer reviewed
URI: http://hdl.handle.net/10023/1534
DOI: http://dx.doi.org/10.1017/S1365100505050017
ISSN: 1365-1005
Type: Journal article
Rights: (c)2005 Cambridge University Press
Appears in Collections:University of St Andrews Research
Economics & Finance Research



This item is protected by original copyright

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

 

DSpace Software Copyright © 2002-2012  Duraspace - Feedback
For help contact: Digital-Repository@st-andrews.ac.uk | Copyright for this page belongs to St Andrews University Library | Terms and Conditions (Cookies)