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The repeated choice model and the feedback mechanism

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  • Girard, J.
  • Gruber, H.

Abstract

A model of repeated choices is presented where the current choices of an agent are affected by the decisions taken by the others in the past. Whereas in the single choice framework positive feedback leads to non-ergodicity, positive feedback in the repeated choice model generally leads to ergodic processes. Non-ergodicity is obtained only for very special cases.

Suggested Citation

  • Girard, J. & Gruber, H., 1995. "The repeated choice model and the feedback mechanism," Omega, Elsevier, vol. 23(2), pages 187-195, April.
    • Handle: RePEc:eee:jomega:v:23:y:1995:i:2:p:187-195
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    References listed on IDEAS

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    1. De Long, J Bradford, et al, 1990. "Positive Feedback Investment Strategies and Destabilizing Rational Speculation," Journal of Finance, American Finance Association, vol. 45(2), pages 379-395, June.
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    3. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
    4. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-337, May.
    5. Alan Kirman, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(1), pages 137-156.
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