This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the qualitative … properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …