Price Expectations and Cobwebs Under Uncertainty

作者: Sjur Didrik Flåm , Yuri M. Kaniovski

DOI: 10.1023/A:1021066304288

关键词: Stochastic approximationTheory of computationCobweb modelMathematical economicsEconomicsRational expectationsConstant (mathematics)RandomnessStability (learning theory)Variable (computer science)

摘要: There is given a market for several perishable goods, supplied under technological randomness and price uncertainty. We study whether how producers eventually may learn rational expectations. The model of cobweb type. Its dynamics fit standard forms stochastic approximation with either variable or constant stepsizes. Relying upon quite weak natural assumptions we prove new convergence results.

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