One of the characteristics of developing economies is that they are highly dependent on exports of primary commodities for their foreign exchange earnings. The major issues of international commodity policy have been price instability and decline in real price and producer export earnings. After...

The hypothesis of catastrophic expectations is formulated mathematically and the construction of a model that takes into account divergent expectations of agents resulting from differences between them in learning level is discussed. This model is used to estimate the degree of learning in the...