کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9556141 | 1377081 | 2005 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Stability properties for learning with heterogeneous expectations and multiple equilibria
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Stability properties for learning with heterogeneous expectations and multiple equilibria Stability properties for learning with heterogeneous expectations and multiple equilibria](/preview/png/9556141.png)
چکیده انگلیسی
This paper examines learning with heterogeneous expectations in a simple macroeconomic model with multiple equilibria where expectations are formed from heterogeneous forecast functions. Stability properties of the equilibria are determined by the distribution of heterogeneity. These results differ greatly from those which impose homogeneous expectations a priori. When the distribution of heterogeneity is allowed to vary, the stability conditions obtained guarantee that each equilibrium is stationary when it is stable under learning. The central result is that the two equilibria exchange stability when the mean squared error of using the simpler updating rule is minimized.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 29, Issue 10, October 2005, Pages 1623-1642
Journal: Journal of Economic Dynamics and Control - Volume 29, Issue 10, October 2005, Pages 1623-1642
نویسندگان
Eran A. Guse,