“when you think about a model, when you think about a process like the Lyapunov process, right? Lyapunov functions. What you’ve got is, you can say, hey, there some cases like the case of chairs, a pure exchange market, this thing works great. And we can just can say, boom, it’s gonna stop, we’re fine. There’s other things like the office process, that unless you know a lot about the nature of the externalities, you can’t tell. It could be, oh yeah this thing’s gonna go right to equilibrium. Or it could be that, whoa it’s gonna churn a long time. “- Transcript from Scott Page Coursera
Source:
Scott Page Model Thinking MOOC Course
