-parameters adaptive expectations. Additional insights are provided by the numerical simulations of the model. The saliency of the …

expectations on average bids rather than keeping track of the entire vector of competitors' bids. On the other they update … expectations adaptively. In a general framework with more than two bidders the system may fail to converge to the steady state, i …

of descriptive capacity of forms of generalised adaptive expectations allowing for endogenous gain parameters. …

expectations on average bids rather than keeping track of the entire vector of competitors’ bids. On the other they update … expectations adaptively. In a general framework with more than two bidders the system may fail to converge to the steady state, i …

supply. The firms are assumed to differ in a key parameter governing price expectations which we suppose to be adaptive. We … actually observe expectations, whereas it is easier to measure some structural features of a given market, such as the relevant … defines their expectations - are sampled independently from a population described by a given probability distribution. In …