Files in this item
Stability and cycles in a cobweb model with heterogeneous expectations
Item metadata
dc.contributor.author | Lasselle, Laurence | |
dc.contributor.author | Svizzero, S | |
dc.contributor.author | Tisdell, C | |
dc.date.accessioned | 2010-11-30T17:46:37Z | |
dc.date.available | 2010-11-30T17:46:37Z | |
dc.date.issued | 2005-11 | |
dc.identifier | 323937 | |
dc.identifier | be69f5f6-7eca-4e33-b05e-dae6d06f0370 | |
dc.identifier | 000233982000003 | |
dc.identifier | 28844445292 | |
dc.identifier.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 . https://doi.org/10.1017/S1365100505050017 | en |
dc.identifier.issn | 1365-1005 | |
dc.identifier.other | ORCID: /0000-0003-4058-0719/work/64697262 | |
dc.identifier.uri | https://hdl.handle.net/10023/1534 | |
dc.description.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. | |
dc.format.extent | 21 | |
dc.format.extent | 312329 | |
dc.language.iso | eng | |
dc.relation.ispartof | Macroeconomic Dynamics | en |
dc.subject | Bounded rationality | en |
dc.subject | Cobweb model | en |
dc.subject | Flip bifurcation | en |
dc.subject | Neimark-Sacker bifurcation | en |
dc.subject | HB Economic Theory | en |
dc.subject.lcc | HB | en |
dc.title | Stability and cycles in a cobweb model with heterogeneous expectations | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.contributor.institution | University of St Andrews. Centre for Responsible Banking and Finance | en |
dc.identifier.doi | https://doi.org/10.1017/S1365100505050017 | |
dc.description.status | Peer reviewed | en |
dc.identifier.url | http://www.scopus.com/inward/record.url?scp=28844445292&partnerID=8YFLogxK | en |
This item appears in the following Collection(s)
Items in the St Andrews Research Repository are protected by copyright, with all rights reserved, unless otherwise indicated.