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...

The new learning dynamic of Brown et al. [(1950). Solutions of games by differential equation. In: Kuhn, H.W., Tucker, A.W. (Eds.), Contributions to the Theory of Games I. Annals of Mathematics Studies, vol. 24. Princeton University Press, Princeton] is introduced to macroeconomic dynamics via...