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Ergodic chaos, learning and sunspot equilibrium


Author Info

  • Wilfredo L. Maldonado

    (Departamento de Economia, Universidade Federal Fluminense, Rua Tiradentes 17, Niterói, CEP 24210-510, RJ, BRASIL)

  • Aloisio P. Araujo

    (EPGE/FGV and IMPA, Caixa Postal 34021 Jardim Botânico, CEP 22470-050, RJ, BRASIL)


In this paper we construct sunspot equilibria that arise from chaotic deterministic dynamics. These equilibria are stationary and have absolutely continuous stationary measures. We prove that they can be learned by a simple rule based on the histograms of past state variables. This work gives a theoretical justification for complex deterministic models that might compete with stochastic models to explain real data. Also we prove the stochastic stability of the indeterminate equilibrium.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 1 ()
Pages: 163-184

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Handle: RePEc:spr:joecth:v:15:y:2000:i:1:p:163-184

Note: Received: June 2, 1997; revised version: December 5, 1998
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Keywords: Complex dynamics and sunspot equlibrium.;

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Cited by:
  1. Araújo, Aloísio Pessoa de & Maldonado, Wilfredo L., 2001. "A Note on Learning Chaotic Sunspot Equilibrium," Economics Working Papers (Ensaios Economicos da EPGE) 423, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  2. Yokoo, Masanori & Ishida, Junichiro, 2008. "Misperception-driven chaos: Theory and policy implications," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 1732-1753, June.


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