The effect of uncertainty and instability on dynamic economic models with an application to cournot oligopoly |
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Authors: | Wayne Winston |
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Institution: | Indiana University Bloomington, IN 47405, USA |
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Abstract: | Consider a dynamic discrete-time economic model in which a state-dependent payoff is earned during each period. We give conditions which ensure that a mean preserving increase in the riskiness of the model's parameters increases (or decreases) the expected payoff earned during n periods. |
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