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Persistent link: https://www.econbiz.de/10001755441
This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the qualitative properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers; adaptive and naive. In a market of...
Persistent link: https://www.econbiz.de/10010477502
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