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Ergodic chaos, learning and sunspot equilibrium

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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)

Abstract

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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Related research

Keywords: Complex dynamics and sunspot equlibrium.;

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Cited by:
  1. 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.
  2. 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).

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