Positive Feedback and Path Dependence Using the Law of Large Numbers
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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Volume (Year): 32 (2001)
Issue (Month): 2 (January)
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