2005-01-01, English, Article, Journal or magazine article edition: Stability and cycles in a cobweb model with heterogeneous expectations Lasselle, L.; Svizzero, S.; Tisdell, C.

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Bookmark: http://trove.nla.gov.au/version/49446340
Physical Description
  • journal article
Published
  • Cambridge University Press, 2005-01-01
Language
  • English

Edition details

Title
  • Stability and cycles in a cobweb model with heterogeneous expectations
Author
  • Lasselle, L.
  • Svizzero, S.
  • Tisdell, C.
Other Contributors
  • W.A. Barnett
Published
  • Cambridge University Press, 2005-01-01
Physical Description
  • journal article
Subjects
Summary
  • 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.
Language
  • English
Related Resource
Identifier
  • oai:espace.library.uq.edu.au:UQ:77824

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