Expectational Bottlenecks and the Emerging of New Organizational Forms
AbstractIn 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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Bibliographic InfoPaper provided by University of Pavia, Department of Economics and Quantitative Methods in its series Quaderni di Dipartimento with number 159.
Length: 28 pages
Date of creation: Jan 2012
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Find related papers by JEL classification:
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
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- NEP-ALL-2012-03-08 (All new papers)
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