Expectational bottlenecks and the emerging of new organizational forms.
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| Title: | Expectational bottlenecks and the emerging of new organizational forms. |
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| Authors: | Bogliacino, Francesco1 francesco.bogliacino@gmail.com, Rampa, Giorgio2 |
| Source: | Structural Change & Economic Dynamics. Jun2014, Vol. 29, p28-39. 12p. |
| Subjects: | Economic equilibrium, Machine learning, Organizational change, Stagnation (Economics), Economic impact |
| Abstract: | Abstract: In this article we discuss the dynamics of organizational change when agents have heterogeneous initial conjectures and do learn. In this framework, conjectural equilibrium is defined as a steady state of the learning process, and all the adjustment occurs in disequilibrium. We discuss the properties of the system under different “rationality” assumptions, and using well-known learning algorithms. We prove analytically that multiplicity of equilibria, and failure of good organizational routines, cannot be ruled out: better, they are fairly probable. Stability is a crucial matter: it is shown to depend on initial conjectures. Finally, learning does not necessarily select the best. [Copyright &y& Elsevier] |
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| Database: | Engineering Source |
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