Cyclical or chaotic competitive equilibria that do not exist under perfect foresight are shown to occur in a decentralized growth model under constant gain adaptive learning. This paper considers an economy populated by boundedly rational households making one-period ahead constant gain adaptive...

The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision making behavior. A formal metaphor of individual behavior as a continuous flow indicates certain requirements that theories of consumer, producer, and economywide behavior should...

Variations of Richard Goodwin's graphical model for explaining the rudiments of Keynes's real/monetary cycle theory are presented that can also be explicated graphically, but which possess more plausible dynamic properties, namely, the generic possibility of irregular, asymmetric fluctuations