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research articles : 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)

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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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Publisher 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.;

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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This page was last updated on 2009-11-25.

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