A Single Agent Makes Market Behavior Different

概要

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This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the qualitative properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers: adaptive and naive. In a market of naive agents a single adaptive agent stabilizes the otherwise exploding market. In a market of adaptive agents a single naive agent may destabilize the market: without him there exists at most one periodic attractor in the market but with him there may appear many coexisting periodic attractors of arbitrarily large periods.
社団法人電子情報通信学会の論文
2001-11-21