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Path dependence and the quest for historical economics: One more chorus of the ballad of QWERTY

Abstract:

The term path dependence (PD) here refers to a dynamic property of allocative processes, pertaining to non-ergodic stochastic systems -- those whose asymptotic distributions evolve as a function of the history of the process itself. PD is shown to be neither necessary nor sufficient for the existence of ‘market failure’, although the two properties may arise from common structural features. A variety of stochastic models are PD and yet exhibit diverse properties in regard to predictability an...

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Role:
Author
Publisher:
University of Oxford
Series:
Oxford Economic and Social History Working Papers
Article number:
20
Publication date:
1997-11-01
Paper number:
20
Language:
English
Keywords:
Pubs id:
1168874
Local pid:
pubs:1168874
Deposit date:
2021-03-22

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