We develop a cobweb model in which firms, facing a two-period production delay, have access to a flexible (costly) and … theirevolutionary fitness, measured in terms of past realized profits. The dynamics of our cobweb model is driven by a four … that our cobweb model may also produce chaotic motion. …

version of a cobweb model. In an evolutionary learning set-up, which is imitative, principals can have different beliefs about …

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 …

equilibrium properties of boundedly rational heterogeneous agents. We combine an adaptive learning process in a modified cobweb … following firms. In contrast to a simple cobweb model which has a unique REE, our model may produce multiple restricted …