This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mechanism, by … limits mutational drift in firm types; on the other hand, selection may strengthen cobweb oscillatory dynamics. Second, there … explain the key results. Optimal selectivity is larger, the less "cobweb unstable" the economy, i.e. the more elastic the …

This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mechanism, by … limits mutational drift in firm types; on the other hand, selection may strengthen cobweb oscillatory dynamics. Second, there … explain the key results. Optimal selectivity is larger, the less "cobweb unstable" the economy, i.e. the more elastic the …

This note shows that permanent fluctuations in the Cobweb model - though inconsistent with a rational expectations …