Expectational bottlenecks and the emerging of new organizational forms

Francesco Bogliacino and Giorgio Rampa

Structural Change and Economic Dynamics, 2014, vol. 29, issue C, 28-39

Abstract: In this article we discuss the dynamics of organizational change when agents have heterogeneous initial conjectures and do learn. In this framework, conjectural equilibrium is defined as a steady state of the learning process, and all the adjustment occurs in disequilibrium. We discuss the properties of the system under different “rationality” assumptions, and using well-known learning algorithms. We prove analytically that multiplicity of equilibria, and failure of good organizational routines, cannot be ruled out: better, they are fairly probable. Stability is a crucial matter: it is shown to depend on initial conjectures. Finally, learning does not necessarily select the best.

Keywords: Heterogeneity; Learning; Theory of the firm (search for similar items in EconPapers)
JEL-codes: D21 D23 D84 (search for similar items in EconPapers)
Date: 2014
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Working Paper: Expectational Bottlenecks and the Emerging of New Organizational Forms (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:29:y:2014:i:c:p:28-39

DOI: 10.1016/j.strueco.2013.01.001

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