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Adaptive Expectations and Cobweb Phenomena

Marc Nerlove
Quarterly Journal of Economics 1958 72(2), 227
I. Introduction, 227. — II. Akerman's argument, 229. — III. Reformulation in terms of adaptive expectations, 230. — IV. An alternative but equivalent formulation, 233. — V. Some empirical results, 236. — VI. More complicated models, 238. — VII. Conclusions, 240.