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Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning

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  • George W. Evans

    (Department of Economics, University of Oregon, Eugene, OR 97403-1285, USA)

  • Seppo Honkapohja

    ()
    (Department of Economics, University of Helsinki, P.O.Box 54,FIN-00014 University of Helsinki, FINLAND)

Abstract

We provide conditions for local stability and instability of an equilibrium point in certain systems of nonautonomous nonstochastic difference equations. In the systems under study the influence of time is present through a positive scalar "gain" parameter which converges in the limit to zero. These systems have recently been used to study the dynamics of adaptive learning in economic models, and we provide two economic illustrations of the formal results.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 3 ()
Pages: 717-725

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Handle: RePEc:spr:joecth:v:15:y:2000:i:3:p:717-725

Note: Received: October 7, 1997; revised version: February 8, 1999
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Related research

Keywords: Learning; Stability; Instability; Rational expectations.;

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Cited by:
  1. Atanas Christev, 2007. "Learning Hyperinflations," Money Macro and Finance (MMF) Research Group Conference 2006 126, Money Macro and Finance Research Group.
  2. Lettau, M. & Van Zandt, T., 1995. "Robustness of Adaptive Expections as an Equilibrium Selection Device," Papers 9598, Tilburg - Center for Economic Research.
  3. Kaushik Mitra & Seppo Honkapohja, 1999. "Learning with Bounded Memory in Stochastic Models," Computing in Economics and Finance 1999 221, Society for Computational Economics.

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