The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Analytical Approximations in Models of Hysteresis
Abstract
Decisions made under ongoing uncertainty and costly reversibility entail a range of the state variable where inaction is optimal, which in turn produces hysteresis—permanent effects of temporary shifts. The range is usually defined by non-linear equations that need numerical solutions. In this paper a technique of analytical approximations is developed and applied to two models—menu costs and investment. The resulting explicit solutions help clarify why hysteresis is important even for small irreversibility. In the menu cost model, hysteresis is two orders of magnitude larger than under the Akerlof-Yellen or Mankiw assumptions.
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Citations
Cites
A Model of the Demand for Money by Firms
Miller, M. H., & Orr, D. (1966) · The Quarterly Journal of Economics · doi:10.2307/1880728 · Cited by 1,340
Cited by
Optimal Investment with Costly Reversibility
Abel, A. B., & Eberly, J. C. (1996) · The Review of Economic Studies · doi:10.2307/2297794 · Cited by 600
Metadata
- Authors
- Dixit, A.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-01
- Volume
- 58
- Issue
- 1
- Pages
- 141
- ISSN
- 0034-6527 (ISSN-L)
- OpenAlex
- W2015146217
- Cited by
- 175
- References
- 1
- FWCI
- 13.64
- Type
- journal article
- Language
- en
- Open access
- closed
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- Dixit, A. (1991). Analytical Approximations in Models of Hysteresis. The Review of Economic Studies. https://doi.org/10.2307/2298051
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
