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A Note on Expectations and Stability

Kenneth J. Arrow and Marc Nerlove
Econometrica
Vol. 26, No. 2 (Apr., 1958), pp. 297-305
Published by: The Econometric Society
DOI: 10.2307/1907591
Stable URL: http://www.jstor.org/stable/1907591
Page Count: 9
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
A Note on Expectations and Stability
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Abstract

Demand and supply depend in general not only on current prices but also on expectations. If it is assumed that expectations are formed from past prices in the adaptive way suggested by Cagan and others, it is shown that under certain circumstances the resulting system of multiple markets has dynamic stability.

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