On bubbling dynamics generated by a stochastic model of herd behavior (1999)
Gaio, Loris, Kaniovski, Yuri M., Zaninotto, Enrico
This paper suggests a class of stochastic collective learning processes exhibiting very irregular behavior. In particular, there are multimodal long run distributions. Some of these modes may vanish...
Interdependent Search and Industry Dynamics: on Ericson and Pakes (1995) (1998)
Yuri M. Kaniovski, Giovanni Dosi
This note argues about a central analytical inconsistency of Ericson and Pakes (1995). Notwithstanding the explicit claims of the article, the formal hypotheses employed there imply that a firm's...
A Baseline Model of Industry Evolution
Sidney G. Winter, Yuri M. Kaniovski, Giovanni Dosi
The paper analyses some general dynamic properties of industries characterized by heterogeneous firms and continuing stochastic entry. After a brief critical assessment of some significant drawbacks...
Adaptive Dynamics in Games Played by Heterogeneous Populations
Kaniovski, Yuri M., Kryazhimskii, Arkadii V., Young, H. Peyton
The stationary distribution of a birth and death process may not be approximated by a diffusion. The general situation is illustrated on the "musical chairs" model by Binmore et al. (1995). This...
On bubbling dynamics generated by a stochastic model of herd behavior
Enrico Zaninotto, Yuri M. Kaniovski, Loris Gaio
This paper suggests a class of stochastic collective learning processes exhibiting very irregular behavior. In particular, there are multimodal long run distributions. Some of these modes may vanish...