A Stochastic Cobweb Dynamical Model
We consider the dynamics of a stochastic cobweb model with linear demand and a backward-bending supply curve. In our model, forward-looking expectations and backward-looking ones are assumed, in fact we assume that the representative agent chooses the backward predictor with probability 𝑞_,__0_𝑞_1,...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Hindawi Limited
2008-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2008/219653 |