Definitions for path dependence
This page provides all possible meanings and translations of the word path dependence
A situation in which the outcome varies with the route taken.
The theory that a technological option selected by the market need not be the technologically best one, because of the traction obtained by an early-introduced, technologically inferior alternative option.
Path dependence explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past, even though past circumstances may no longer be relevant. In economics and the social sciences path dependence can refer either to outcomes at a single moment in time or to long run equilibria of a process. In common usage, the phrase implies either: ⁕ that "history matters"—a broad concept, or ⁕ that predictable amplifications of small differences are a disproportionate cause of later circumstances. And, in the "strong" form, that this historical hang-over is inefficient. The first usage,: "history matters" is trivially true in the explanatory context; everything has causes. And, in these fields, the direct influence of earlier states isn't notable. It is the narrow concept, that has the most explanatory force and which is covered in this article.
Find a translation for the path dependence definition in other languages:
Select another language:
Discuss these path dependence definitions with the community:
Use the citation below to add this definition to your bibliography:
"path dependence." Definitions.net. STANDS4 LLC, 2014. Web. 21 Oct. 2014. <http://www.definitions.net/definition/path dependence>.