Carl’s nonlinear cobweb

Cars Hommes

Journal of Economic Dynamics and Control, 2018, vol. 91, issue C, 7-20

Abstract: This essay surveys some of my work on expectations, learning and bounded rationality within the classical cobweb model following early inspiring ideas from Carl Chiarella. In particular, I focus on the role of nonlinear dynamics, learning and heterogeneity within the cobweb framework and how price fluctuations in the cobweb theory fit with observations of individual and aggregate behaviour from laboratory experiments with human subjects.

Keywords: Cobweb model; Chaos; Expectations; Heterogeneity; Laboratory experiments (search for similar items in EconPapers)
JEL-codes: C92 D83 D84 E32 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:91:y:2018:i:c:p:7-20

DOI: 10.1016/j.jedc.2017.12.007

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Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

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