A Stochastic Learning Model of Economic Behavior

John G. Cross

The Quarterly Journal of Economics, 1973, vol. 87, issue 2, 239-266

Abstract: Stochastic learning theory, 242. — Probability matching: an example, 244. — The model, 247. — Alternative states of the market: a monopoly model, 252. — A simple market model, 254. — Further properties of the single-firm model, 256. — The dynamics of adjustment, 258. — The firm in disequilibrium, 261. — A final note: rules of thumb, 264.

Date: 1973
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