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The repeated choice model and the feedback mechanism

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  • Girard, J.
  • Gruber, H.
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    Abstract

    A model of repeated choices is presented where the current choices of an agent are affected by the decisions taken by the others in the past. Whereas in the single choice framework positive feedback leads to non-ergodicity, positive feedback in the repeated choice model generally leads to ergodic processes. Non-ergodicity is obtained only for very special cases.

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    File URL: http://www.sciencedirect.com/science/article/B6VC4-3YCMM28-1K/2/bc366b22e0e550291833d1febeabd894
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    Bibliographic Info

    Article provided by Elsevier in its journal Omega.

    Volume (Year): 23 (1995)
    Issue (Month): 2 (April)
    Pages: 187-195

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    Handle: RePEc:eee:jomega:v:23:y:1995:i:2:p:187-195

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    Related research

    Keywords: decision making/process Markov chain ergodic process;

    References

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    1. Paul Krugman, 1990. "Increasing Returns and Economic Geography," NBER Working Papers 3275, National Bureau of Economic Research, Inc.
    2. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
    3. De Long, J Bradford, et al, 1990. " Positive Feedback Investment Strategies and Destabilizing Rational Speculation," Journal of Finance, American Finance Association, vol. 45(2), pages 379-95, June.
    4. Kirman, Alan, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 137-56, February.
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