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Private Experience in Adaptive Learning Models

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Author Info
Felipe Perez-Marti (IESA, Caracas)
Abstract

Experiments conducted by Marimon and Sunder as reported in Econometrica, 1993, show that people initially do not behave according to the rationally expectations assumption, but eventually learn to choose its low stationary steady state in a hyperinflationary world. We propose a slight generalization of the adaptive learning model in order to explain, beyond the long-run equilibrium observed, the erratic oscillations of the experimental variables. The introduction of heterogeneity in private experience in a simple adaptive model with fixed, deterministic, decision rules is shown to be necessary and sufficient to generate the complex dynamics present in the experiments. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.1999.0083
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 3 (2000)
Issue (Month): 2 (April)
Pages: 283-310
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Handle: RePEc:red:issued:v:3:y:2000:i:2:p:283-310

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Woodford, Michael, 1990. "Learning to Believe in Sunspots," Econometrica, Econometric Society, vol. 58(2), pages 277-307, March. [Downloadable!] (restricted)
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  2. Anderson, M.J. & Sunder, S., 1995. "Professional Traders as Intuitive Bayesians," GSIA Working Papers 1995-05, Carnegie Mellon University, Tepper School of Business.
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  3. Marcet, Albert & Sargent, Thomas J, 1989. "Convergence of Least-Squares Learning in Environments with Hidden State Variables and Private Information," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1306-22, December. [Downloadable!] (restricted)
  4. Kalai, Ehud & Lehrer, Ehud, 1991. "Rational Learning Leads to Nash Equilibrium," Working Papers 91-18, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  5. 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. [Downloadable!] (restricted)
  6. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October. [Downloadable!] (restricted)
  7. Arifovic, Jasmina, 1995. "Genetic algorithms and inflationary economies," Journal of Monetary Economics, Elsevier, vol. 36(1), pages 219-243, August. [Downloadable!] (restricted)
  8. Ehud Kalai & Ehud Lehrer, 1990. "Merging Economic Forecasts," Discussion Papers 1035, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  9. Marimon, Ramon & Sunder, Shyam, 1993. "Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence," Econometrica, Econometric Society, vol. 61(5), pages 1073-107, September. [Downloadable!] (restricted)
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  10. Ehud Kalai & Ehud Lehrer, 1991. "Subjective Equilibrium in Repeated Games," Discussion Papers 981, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David K. Levine & Aldo Rustichini, 2000. "Introduction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(2), pages 213-215, April. [Downloadable!] (restricted)
  2. David K Levine & Aldo Rustichini, 2000. "Introduction: The Dynamic Games Special Issue," Levine's Working Paper Archive 2127, David K. Levine. [Downloadable!]
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