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Positive Feedback and Path Dependence Using the Law of Large Numbers

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  • Peter Hans Matthews

Abstract

Economists have become interested in the behavior of random processes with positive feedback but have sometimes found it difficult to introduce students to this research. Simulation of the law of large numbers with increasing amounts of feedback provides a convenient framework for such discussion and facilitates a nontechnical introduction to recent work on path dependence.

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File URL: http://hdl.handle.net/10.1080/00220480109595178
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The Journal of Economic Education.

Volume (Year): 32 (2001)
Issue (Month): 2 (January)
Pages: 124-136

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Handle: RePEc:taf:jeduce:v:32:y:2001:i:2:p:124-136

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Cited by:
  1. William E. Becker & William H. Greene, 2001. "Teaching Statistics and Econometrics to Undergraduates," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 169-182, Fall.
  2. Becker, William E., 2004. "Good-byE old, hello new in teaching economics," Australasian Journal of Economics Education (AJEE), University of Queensland, School of Economics, vol. 1(1), pages 5-17, March.
  3. Chris Hand, 2006. "History Matters: Modelling Path Dependence on a Spreadsheet," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 19-24.
  4. Becker, William E., 2007. "Quit lying and address the controversies: there are no dogmata, laws, rules or standards in the science of economics," MPRA Paper 39958, University Library of Munich, Germany.

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