Past expectations as a determinant of equilibrium prices - hysteresis in a simple economy
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Keywords
Hysteresis; Path-dependence; Tatônnement; Equilibrium selection;All these keywords.
JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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