Price Expectations and Cobwebs Under Uncertainty

被引:0
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作者
Sjur Didrik Flåm
Yuri M. Kaniovski
机构
[1] Bergen University,Economics Department
[2] Norwegian Business School,School of Economics
[3] Free University of Bozen-Bolzano,undefined
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关键词
cobweb models; adaptive learning; rational expectations; stochastic approximation; fixed point; stability;
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摘要
There is given a market for several perishable goods, supplied under technological randomness and price uncertainty. We study whether and how producers eventually may learn rational price expectations. The model is of cobweb type. Its dynamics fit standard forms of stochastic approximation with either variable or constant stepsizes. Relying upon quite weak and natural assumptions we prove new convergence results.
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页码:167 / 181
页数:14
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