Instability in the Cobweb Model Under the BNN Dynamic

The cobweb model where firms choose between rational and naive forecasting strategies has a 2-cycle when the slope of supply is greater than the slope of demand for a number of different dynamics describing the evolution of strategy choices. This paper proves that the 2-cycle is exponentially unstable under the learning dynamic of Brown, von Neuman and Nash (1950). Issues arising in the analysis of piecewise smooth discrete time maps are discussed

Year of publication:	2017
Authors:	Waters, George
Publisher:	[2017]: [S.l.] : SSRN
Subject:	Cobweb \| Theorie \| Theory
Description of contents:	Abstract [papers.ssrn.com]

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