We investigate the dynamics of a cobweb model with heterogeneous beliefs, generalising the example of Brock and Hommes (1997). We examine situations where the agents form expectations by using either perfect foresight, or a form of adaptive expectations with limited memory defined from the last...

We analyze a symmetric n-firm Cournot oligopoly with a heterogeneous population of optimizers and imitators. Imitators mimic the output decision of the most successful firms of the previous round à la Vega-Redondo (1997). Optimizers play a myopic best response to the opponents' previous output....