Microeconomic modeling self-development of economic systems

Abstract:

Various mechanisms for the formation of expectations of economic agents are considered. The formation of expectations based on adaptive learning is considered as one of the mechanisms for continual self- expectations of economic agents at the microeconomic level. Self-development of this process determines the evolution of the economic system. Within the neoclassical model studied this self-development as a process of convergence of expectations with bounded rationality to rational expectations equilibrium. Shown that the key factor affecting the convergence is price flexibility.