The repeated choice model and the feedback mechanism
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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Volume (Year): 23 (1995)
Issue (Month): 2 (April)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- De Long, J. Bradford & Shleifer, Andrei & Summers, Lawrence H. & Waldmann, Robert J., 1990.
"Positive Feedback Investment Strategies and Destabilizing Rational Speculation,"
27693805, Harvard University Department of Economics.
- 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.
- J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, 1989. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation," NBER Working Papers 2880, National Bureau of Economic Research, Inc.
- Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
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University of Chicago Press, vol. 99(3), pages 483-99, June.
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