Price Expectations and Cobwebs Under Uncertainty

Sjur Flåm () and Yuri (Yuriy) Kaniovski (Kaniovskyi) ()

Annals of Operations Research, 2002, vol. 114, issue 1, 167-181

Abstract: There is given a market for several perishable goods, supplied under technological randomness and price uncertainty. We study whether and how producers eventually may learn rational price expectations. The model is of cobweb type. Its dynamics fit standard forms of stochastic approximation with either variable or constant stepsizes. Relying upon quite weak and natural assumptions we prove new convergence results. Copyright Kluwer Academic Publishers 2002

Keywords: cobweb models; adaptive learning; rational expectations; stochastic approximation; fixed point; stability (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1023/A:1021066304288

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