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. © 2013 Elsevier B.V.
Bogliacino, F., Rampa, G., Expectational bottlenecks and the emerging of new organizational forms, <<STRUCTURAL CHANGE AND ECONOMIC DYNAMICS>>, 2014; 29 (29): 28-39. [doi:10.1016/j.strueco.2013.01.001] [https://hdl.handle.net/10807/283866]
Expectational bottlenecks and the emerging of new organizational forms
Bogliacino, Francesco;
2014
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. © 2013 Elsevier B.V.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.