Resuscitating the Cobweb Cycle

Klaus Reiner Schenk�Hopp�
Authors registered in the RePEc Author Service: Klaus Reiner Schenk-Hoppé

No 123, IEW - Working Papers from Institute for Empirical Research in Economics - University of Zurich

Abstract: This note shows that permanent uctuations in the Cobweb model - though inconsistent with a rational expectations equilibrium - can be justified as being rational when reinterpreting the model in the theory of rational beliefs.

Keywords: Cobweb model; rational beliefs; rational expectations (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
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Journal Article: Resuscitating the cobweb cycle (2004)
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