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We study a financial market populated by heterogeneous fundamentalists, whose decisions are driven by ``animal spirits''. Each agent may have optimistic or pessimistic beliefs about the fundamental value, which are selected from time to time on the basis of an evolutionary mechanism. The...
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In this work I present a cobweb model for markets characterized by two couples of demand and supply functions which cyclically alternate with period two, in a succession of peak and off-peak market phases. Starting from classical adaptive expectations, a new expectation formation mechanism is...
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We study the effects on the Nash equilibrium of the presence of a structure of social interdependent preferences in a Cournot oligopoly, described in terms of a game in which the network of interactions reflects on the utility functions of firms through a combination of weighted profits of their...
Persistent link: https://www.econbiz.de/10013234697
Considering the Cournot oligopoly with interdependent preferences proposed in [5], we analyze the effects of a change in the network of social interactions. Reconsidering some of the main centrality measures proposed in the literature, we show how intercentrality, Bonacich and Friedkin-Jensen...
Persistent link: https://www.econbiz.de/10013236519
We propose a model to describe and study the effect of social interdependent preferences in a Cournot oligopoly based on a game in which the utility functions of firms depend on a combination of weighted profits of their competitors. If social interaction is neglected, the model reduces to the...
Persistent link: https://www.econbiz.de/10013243022
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In this paper we consider a nonlinear model for the real economy described by a multiplier-accelerator setup. The model comprises the government sector, which influences the output dynamics by means of the fiscal policy, and the money market, where the money supply depends upon the fluctuations...
Persistent link: https://www.econbiz.de/10012870891