Granato, Jim; Guse, Eran; Wong, Sunny - Society for Computational Economics - SCE - 2006
following firms. In contrast to a simple cobweb model which has a unique REE, our model may produce multiple restricted … equilibrium properties of boundedly rational heterogeneous agents. We combine an adaptive learning process in a modified cobweb … model within a Stackleberg framework. We assume that there is an asymmetric information diffusion process from leading to …