An analysis of the cobweb model with boundedly rational heterogeneous producers

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dc.contributor.author Chiarella, Carl en_US
dc.contributor.author He, Xuezhong en_US
dc.contributor.author Hung, Hing en_US
dc.contributor.author Zhu, Peiyuan en_US
dc.date.accessioned 2009-12-21T02:36:51Z
dc.date.available 2009-12-21T02:36:51Z
dc.date.issued 2006 en_US
dc.identifier 2006004615 en_US
dc.identifier.citation Chiarella Carl et al. 2006, 'An analysis of the cobweb model with boundedly rational heterogeneous producers', Elsevier BV, vol. 61, no. 4, pp. 750-768. en_US
dc.identifier.issn 0167-2681 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/5148
dc.description.abstract This paper considers the traditional cobweb model with heterogenous risk averse producers whose supply functions involve their estimates of the conditional mean and variance of the future price. The producers seek to learn these quantities by applying geometric decay processes (GDP) to past prices. The heterogeneity manifests itself in the lag lengths and memory parameters applied to past prices as well as in risk aversion coefficients. We find that each dimension of heterogeneity changes/enriches the cobweb dynamics with respect to the case of homogeneous producers. en_US
dc.publisher Elsevier BV en_US
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon http://dx.doi.org/10.1016/j.jebo.2004.07.019 en_US
dc.rights NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Economic Behavior & Organization. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Economic Behavior & Organization, [Volume 61, Issue 4, December 2006, Pages 750–768] DOI#” http://dx.doi.org/10.1016/j.jebo.2004.07.019 en_US
dc.title An analysis of the cobweb model with boundedly rational heterogeneous producers en_US
dc.parent Journal of Economic Behavior & Organization en_US
dc.journal.volume 61 en_US
dc.journal.number 4 en_US
dc.publocation Amsterdam, Netherlands en_US
dc.identifier.startpage 750 en_US
dc.identifier.endpage 768 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 140200 en_US
dc.personcode 716350 en_US
dc.personcode 010238 en_US
dc.personcode 030348 en_US
dc.personcode 0000017724 en_US
dc.percentage 100 en_US
dc.classification.name Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.description.keywords cobweb model; heterogeneity; bounded rationality; geometric decay learning dynamics; bifurcations en_US


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