The repeated choice model and the feedback mechanism

J. Girard and H. Gruber

Omega, 1995, vol. 23, issue 2, 187-195

Abstract: A model of repeated choices is presented where the current choices of an agent are affected by the decisions taken by the others in the past. Whereas in the single choice framework positive feedback leads to non-ergodicity, positive feedback in the repeated choice model generally leads to ergodic processes. Non-ergodicity is obtained only for very special cases.

Keywords: decision; making/process; Markov; chain; ergodic; process (search for similar items in EconPapers)
Date: 1995
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