Hysteresis and the Modeling of Economic Phenomena
Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.
Volume (Year): 11 (1999)
Issue (Month): 2 ()
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- Donald W. Katzner, 1993. "Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 15(3), pages 323-345, April.
- Bell,David E. & Raiffa,Howard & Tversky,Amos (ed.), 1989. "Decision Making," Cambridge Books, Cambridge University Press, number 9780521368513.
- Cross, Rod, 1993. "On the Foundations of Hysteresis in Economic Systems," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 53-74, April.
- Rod Cross & Michael Grinfeld & Laura Piscitelli, 1999. "Hysteresis in Economic Systems," Computing in Economics and Finance 1999 723, Society for Computational Economics.
- Vickers,Douglas, 1987. "Money Capital in the Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521328418.
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