Path Dependency

14 Pages Posted: 23 Sep 2015

Date Written: September 21, 2015

Abstract

Path dependency is defined, and three different specific concepts of path dependency – cumulative causation, lock in, and hysteresis – are analyzed. The relationships between path dependency and equilibrium, and path dependency and fundamental uncertainty are also discussed. Finally, a typology of dynamical systems is developed to clarify these relationships.

Keywords: Path dependency, cumulative causation, lock in, hysteresis, equilibrium, fundamental uncertainty, resilience

JEL Classification: B41, C65

Suggested Citation

Setterfield, Mark, Path Dependency (September 21, 2015). Available at SSRN: https://ssrn.com/abstract=2663719 or http://dx.doi.org/10.2139/ssrn.2663719

Mark Setterfield (Contact Author)

New School for Social Research ( email )

6 East 16th Street
New York, NY 10003
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
153
Abstract Views
750
Rank
347,135
PlumX Metrics