• Corpus ID: 15890490

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

@inproceedings{Voth1997PathDA,
  title={Path dependence and the quest for historical economics : one more chorus of the ballad of QWERTY},
  author={Hans Joachim Voth and Tim Leunig},
  year={1997}
}
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 and… 
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