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: 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
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