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Positive Feedback and Path Dependence Using the Law of Large Numbers

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  • Peter Hans Matthews

Abstract

Economists have become interested in the behavior of random processes with positive feedback but have sometimes found it difficult to introduce students to this research. Simulation of the law of large numbers with increasing amounts of feedback provides a convenient framework for such discussion and facilitates a nontechnical introduction to recent work on path dependence.

Suggested Citation

  • Peter Hans Matthews, 2001. "Positive Feedback and Path Dependence Using the Law of Large Numbers," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(2), pages 124-136, January.
    • Handle: RePEc:taf:jeduce:v:32:y:2001:i:2:p:124-136
    DOI: 10.1080/00220480109595178
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    Cited by:

    1. William E. Becker, 2007. "Quit Lying and Address the Controversies: There are No Dogmata, Laws, Rules or Standards in the Science of Economics," The American Economist, Sage Publications, vol. 51(1), pages 3-14, March.
    2. Chris Hand, 2006. "History Matters: Modelling Path Dependence on a Spreadsheet," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 19-24.
    3. William E. Becker & William H. Greene, 2001. "Teaching Statistics and Econometrics to Undergraduates," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 169-182, Fall.
    4. Becker, William E., 2004. "Good-byE old, hello new in teaching economics," Australasian Journal of Economics Education (AJEE), University of Queensland, School of Economics, vol. 1(1), pages 5-17, March.
    5. Hartell, Ann, 2013. "Path dependence in economic theory and research," SRE-Discussion Papers 2013/03, WU Vienna University of Economics and Business.
    6. Kelman, Steven & Hong, Sounman, 2013. "This Could Be the Start of Something Big: Linking Early Managerial Choices with Subsequent Organizational Performance," Working Paper Series rwp13-042, Harvard University, John F. Kennedy School of Government.

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