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Resuscitating the cobweb cycle
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DOI：10.1002/for.936.png)
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Abstract
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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 (C) 2004 John Wiley Sons, Ltd.
Keywords:
cobweb model
rational beliefs
rational expectations
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