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History Dependence in the Economy. A review of the Literature

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  • Alejandro Gaviria

Abstract

This paper presents a review on the concept of history dependence and time irreversibility in the economic literature. It presents an inventory of artificial examples where random events affect final outcomes and history cannot be reduced to the deliverer of the inevitable. It focuses mainly on recent examples and applications that, although not necessarily better than their predecessors, allow a better understanding of the mechanisms whereby history leaves its imprint. The paper reviews deterministic and stochastic models, presents some empirical illustrations and draws a few general conclusions.

Suggested Citation

  • Alejandro Gaviria, 2001. "History Dependence in the Economy. A review of the Literature," Revista de Economía del Rosario, Universidad del Rosario, June.
    • Handle: RePEc:col:000151:004250
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    File URL: http://revistas.urosario.edu.co/index.php/economia/article/view/998/897
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    Cited by:

    1. Ramjerdi, Farideh & Fearnley, Nils, 2014. "Risk and irreversibility of transport interventions," Transportation Research Part A: Policy and Practice, Elsevier, vol. 60(C), pages 31-39.

    More about this item

    Keywords

    History dependence; Economic modelling;

    JEL classification:

    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods

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