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This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mechanism, by which more successful firms are replicated at a higher rate. The structure of the model allows to characterize analytically the aggregate dynamics, and to compute the effect on...
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situations. He discusses models drawn from the modern literature on cultural evolution in which imitation of others is the basic …
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situations. He discusses models drawn from the modern literature on cultural evolution in which imitation of others is the basic …
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