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Expectational Bottlenecks and the Emerging of New Organizational Forms

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  • Giorgio Rampa

    ()

  • Francesco Bogliacino

    (Universiteit van Amsterdam - AIAS)

Abstract

In this article we discuss the dynamics of organizational change when agents have heterogeneous initial conjectures and do learn. In this framework, conjectural equilibrium is defined as a steady state of the learning process, and all the adjustment occurs in disequilibrium. We discuss the properties of the system under different “rationality” assumptions, and using well-known learning algorithms. We prove analytically that multiplicity of equilibria, and failure of good organizational routines, cannot be ruled out: better, they are fairly probable. Stability is a crucial matter: it is shown to depend on initial conjectures. Finally, learning does not necessarily select the best.

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File URL: http://economia.unipv.it/docs/dipeco/quad/ps/RePEc/pav/wpaper/q159.pdf
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Bibliographic Info

Paper provided by University of Pavia, Department of Economics and Quantitative Methods in its series Quaderni di Dipartimento with number 159.

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Length: 28 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:pav:wpaper:159

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  1. Holmstrom, Bengt & Tirole, Jean, 1997. "Financial Intermediation, Loanable Funds, and the Real Sector," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 663-91, August.
  2. Giovanni Dosi & Marco Grazzi, 2010. "On the nature of technologies: knowledge, procedures, artifacts and production inputs," Cambridge Journal of Economics, Oxford University Press, vol. 34(1), pages 173-184, January.
  3. Francesco Bogliacino & Giorgio Rampa, 2009. "Quality Risk Aversion, Conjectures, and New Product Diffusion," Quaderni di Dipartimento 092, University of Pavia, Department of Economics and Quantitative Methods.
  4. Francesco Bogliacino & Giorgio Rampa, 2010. "Monopolistic competition and new products: a conjectural equilibrium approach," Journal of Economic Interaction and Coordination, Springer, vol. 5(1), pages 55-76, June.
  5. Giovanni Dosi & Daniel Levinthal & Luigi Marengo, 2001. "Bridging Contested Terrain: Linking Incentive-Based and Learning Perspectives on Organizational Evolution," LEM Papers Series 2001/20, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
  7. Giovanni Dosi & Marco Grazzi, 2006. "Technologies as problem-solving procedures and technologies as input--output relations: some perspectives on the theory of production," Industrial and Corporate Change, Oxford University Press, vol. 15(1), pages 173-202, February.
  8. Stefano Demichelis & Klaus Ritzberger, 2011. "A general equilibrium analysis of corporate control and the stock market," Economic Theory, Springer, vol. 46(2), pages 221-254, February.
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