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Stability Of Equilibria Under Genetic-Algorithm Adaptation: An Analysis

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  • Arifovic, Jasmina

Abstract

The stability of stationary equilibria under genetic-algorithmadaptation is studied in an overlapping-generations economy with aunique, monetary steady-state and two-period cyclic equilibria.Agents use the genetic algorithm to update their labor-supply decisions. The results of simulations and the analysis of thedynamics show that the two-period cycle is stable and that thesteady-state equilibrium is unstable under genetic-algorithmadaptation. The dynamics are driven primarily by the wealth andsubstitution effects that lead to thealgorithm s convergence to the two-period cycle.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 2 (1998)
Issue (Month): 01 (March)
Pages: 1-21

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Handle: RePEc:cup:macdyn:v:2:y:1998:i:01:p:1-21_00

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Cited by:
  1. Chryssi Giannitsarou, 2003. "Heterogeneous Learning," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 885-906, October.
  2. Arifovic, Jasmina, 2001. "Evolutionary dynamics of currency substitution," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 395-417, March.
  3. Seppo Honkapohja & Kaushik Mitra, 2006. "Learning Stability in Economies with Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 284-309, April.
  4. Orlando Gomes, 2004. "Optimal Monetary Policy under Heterogeneous Expectations," Macroeconomics 0409023, EconWPA.
  5. Arifovic, Jasmina & Gencay, Ramazan, 2000. "Statistical properties of genetic learning in a model of exchange rate," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 981-1005, June.

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