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Local Learning Dynamics

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  • Orlando Gomes

    ()
    (Escola Superior de Comunicação Social (IPL) and Economics Research Center (ERC - UNIDE/ISCTE))

Abstract

The paper undertakes a detailed characterization of the local dynamic properties of three simple deterministic models involving expectations. The expectations are formed under an adaptive learning process. Allowing for different degrees of learning quality, the analysis reveals the existence of a large variety of possible long term outcomes: in some scenarios, stability and instability are independent of the learning quality in other circumstances, some minimal requirement on learning efficiency is necessary to attain stability in some settings, it is even possible that high quality learning may prevent attaining the stable outcome that otherwise is accomplished.

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File URL: http://www.accessecon.com/pubs/EB/2008/Volume3/EB-08C60005A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2008)
Issue (Month): 57 ()
Pages: 1-15

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Handle: RePEc:ebl:ecbull:eb-08c60005

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  1. Christos Koulovatianos, & Leonard J. Mirman & Marc Santugini, . "Optimal Growth and Uncertainty: Learning," Discussion Papers 08/08, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  2. Schonhofer, Martin, 1999. "Chaotic Learning Equilibria," Journal of Economic Theory, Elsevier, vol. 89(1), pages 1-20, November.
  3. Marcet, Albert & Sargent, Thomas J., 1989. "Convergence of least squares learning mechanisms in self-referential linear stochastic models," Journal of Economic Theory, Elsevier, vol. 48(2), pages 337-368, August.
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Cited by:
  1. Orlando Gomes, 2010. "Ordinary Least Squares Learning And Nonlinearities In Macroeconomics," Journal of Economic Surveys, Wiley Blackwell, vol. 24(1), pages 52-84, 02.

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