2 edition of Path dependence in aggregate output found in the catalog.
Path dependence in aggregate output
Steven N. Durlauf
|Statement||Steven N. Durlauf.|
|Series||NBER working papers series -- working paper no. 3718, Working paper series (National Bureau of Economic Research) -- working paper no. 3718.|
|Contributions||National Bureau of Economic Research.|
|The Physical Object|
|Pagination||30,  p. :|
|Number of Pages||30|
Proponents of the importance of path dependence have responded, in large part, by asserting that the interesting features of path dependence have little to do with the question of remediability. David (, ) argued that the concept of third-degree path dependence proves incoherent upon close examination and that Liebowitz and Margolis had. This book brings together Professor Arthur’s pioneering article and provide a comprehensive presentation of his exciting vision of an economics that incorporates increasing returns. After a decade of resistance from economists, these ideas are now being widely discussed and adopted, as Kenneth Arrow recounts in his foreword.
VIII.B. Interpreting Persistence as Path Dependence. We interpret our evidence in the context of recent theoretical models in economic geography that can feature path dependence. As a starting point, consider an economy with many locations and with variation in fixed amenities across these by: Culture, Institutional Performance, and Path Dependence Jenna Bednar and Scott E Page∗ University of Michigan February 2, Abstract In this paper, we develop a model of institutional and cultural path dependence. Our model captures .
Unfortunately, this book can't be printed from the OpenBook. If you need to print pages from this book, we recommend downloading it as a PDF. Visit to get more information about this book, to buy it in print, or to download it as a free PDF. The title of this book could equally well be "A getting started guide for users of graph databases and the Gremlin query language featuring hints, tips and sample queries".It turns out that is a bit too long to fit on one line for a heading but in a single sentence that describes the focus of this work pretty well.
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Path dependence in aggregate output. Cambridge, MA: National Bureau of Economic Research,  (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Steven N Durlauf; National Bureau of Economic Research.
Get this from a library. Path Dependence in Aggregate Output. [Steven N Durlauf; National Bureau of Economic Research.;] -- This paper studies an economy in which incomplete markets and strong complementarities interact to generate path dependent aggregate output fluctuations.
An economy is said to be path dependent when. Path Dependence in Aggregate Output output. First, the model illustrates how market incompleteness can act as a cause of the business cycle, as intertemporal complementarities transmit white noise shocks over time.
Second, the behavior of output can be quite nonlinear as the economy cycles between high and low aggregate output Size: 2MB. Path Dependence in Aggregate Output Steven N. Durlauf. NBER Working Paper No. Issued in May NBER Program(s):Economic Fluctuations and Growth This paper studies an economy in which incomplete markets and strong complementarities interact to generate path dependent aggregate output fluctuations.
Downloadable. This paper studies an economy in which incomplete markets and strong complementarities interact to generate path dependent aggregate output fluctuations. An economy is said to be path dependent when the effect of a shock on the level of aggregate output is permanent in the absence of future offsetting shocks.
Extending the model developed in. Path dependence explains Path dependence in aggregate output book the set of decisions people face for any given circumstance is limited by the decisions they have made in the past or by the events that they experienced, even though past circumstances may no longer be relevant.
In economics and the social sciences, path dependence can refer either to outcomes at a single moment in time, or to long-run. Path dependence, the tendency of institutions or technologies to become committed to develop in certain ways as a result of their structural properties or their beliefs and values.
As a theory, path dependence is based on the straightforward assumption that “history matters.” It attempts to explain exactly how history matters through studies of the means by which constraints on. Path dependence (in its strong forms) is a challenge to these arguments.
For the law itself, path dependence may seem self evident, given the role of precedent. In fact, those who have put forward the view that the law may tend toward efficiency have borne the burden of proof that precedent - or path dependence - would not overwhelm other Size: 56KB.
A Theory of Path Dependence in Corporate Ownership and Governance Lucian Arye Bebchuk * and Mark J. Roe ** Corporate structures differ among the advanced economies of the world.
We contribute to an understanding of these differences by developing a theory of the path dependence of corporate structure. The corporate structures that an eco n-File Size: KB. Path dependency is an idea that tries to explain the continued use of a product or practice based on historical preference or use.
This holds true Author: Caroline Banton. This book brings together Professor Arthurs pioneering article and provide a comprehensive presentation of his exciting vision of an economics that incorporates increasing returns. After a decade of resistance from economists, these ideas are now being widely discussed and adopted, as Kenneth Arrow recounts in his foreword.
In fundamental ways they are changing our views 5/5(1). of path dependence, but clear definitions are rare. In practice, usage tends to fluctuate between a broader and narrower conception. In the broader version, path dependence refers to the causal relevance of preceding stages in a temporal sequence.
William Sewell (, ), for instance, suggests path dependence means. This article conceptualizes path dependence as a social process grounded in a dynamic of “increasing returns.” Reviewing recent literature in economics and suggesting extensions to the world of politics, the article demonstrates that increasing returns processes are likely to be prevalent, and that good analytical foundations exist for Cited by: Path dependence only presents an efficiency problem when a superior technology is suppressed and when switchover costs are lower than the benefit of the technological improvement.
If we ignore switchover costs when alleging that the market has failed to replace an old technology with a more efficient new contender, we are unfairly comparing. Hirsch, PM & Gillespie, JUnpacking Path Dependence: Differential Valuations Accorded History Across Disciplines.
in R Garud & P Karnoe (eds), Path Creation and Dependence. Unpacking Path Dependence: Differential Valuations Accorded History Across by: Path Dependence, Lock-In, and History.
was published in the April issue of The Journal of Law, Economics and Organization. It deals with the logic of path dependence and also provides some history of the Beta-VHS format choice, which has often been given as an example of deleterious path dependence. You can read why VHS really won. Path dependency and the role of HR Geoff Plimmer, Victoria University of Wellington And Ann Parkinson, University of Reading Abstract Path dependency is used to assess the dynamics and evolution of workplace experiences in both the New Zealand Public Sector, and the marginalisation of the HRM function in the United Kingdom.
Path dependence means that initial conditions affect the latter stages of an economic process. More specifically, path dependency is associated with situations where autonomous elements of aggregate demand determine the level of economic activity and this, in turn, affects the supply potential of the : Matías Vernengo.
The growth model I set forth show that, subject to mild assumptions on the stochastic process representing exogenous environment, path-dependence of aggregate output growth is a robust property of an economic system with localized learning-by. Start studying Chapter 4.
Learn vocabulary, terms, and more with flashcards, games, and other study tools. Search. Browse. explain path dependence. internal activities a firm engages in when transforming inputs into output.
each activity. Experience THE AGGREGATE book over and over again in an all new way with each and every read, crafting your own personalized adventure!
View fullsize View fullsize View fullsize Introduction. ABOUT. Large Image. SS quotes. pages. SD CHOICES. Contact FAQ BUY THE BOOK. GET THE LATEST AGGREGATE NEWS. Email Address. JOIN. THANKS!.Increasing Returns and Path Dependence in the Economy (Economics, Cognition, and Society) [Arthur, W.
Brian] on *FREE* shipping on qualifying offers. Increasing Returns and Path Dependence in the Economy (Economics, Cognition, and Society)Cited by: The concept of increasing returns has had a long but uneasy presence in economic analysis.
The opening chapters of Adam Smith’sWealth of Nationsput great emphasis on increasing returns to explain both specialization and economic the object of study moves quickly to a competitive system and a cost-of-production theory of value, which cannot be made rigorous .