aggregate price fluctuations in a general continuous-time cobweb model. We find that the time inconsistence between demand and …

The new learning dynamic of Brown, von Neuman and Nash (1950) is introduced to macroeconomic dynamics via the cobweb …

Within the seminal cobweb model of Brock and Hommes, firms adapt their price expectations by a profit-based switching …. Our results are not restricted to cobweb models: a huge body of literature demonstrates that rational routes to randomness …

positive maximal rate of attendance. The sequential setting turns the static game into a dynamic economic law of the Cobweb … states of the dynamic model. If agents randomize over indifferent decisions the induced random Cobweb law together with …

The seminal cobweb model by Brock and Hommes reveals that fixed-point dynamics may turn into increasingly complex …