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Resuscitating the cobweb cycle

By Klaus Reiner Schenk-Hoppé

Abstract

This article shows that permanent fluctuations in the cobweb model-though inconsistent with a rational expectations equilibrium-can be justified as being rational when reinterpreting the model in the theory of rational beliefs. Copyright © 2004 John Wiley & Sons, Ltd.

DOI identifier: 10.1002/for.936
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