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

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

Author Info

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)

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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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Publisher 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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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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Lettau, Martin & Van Zandt, Timothy, 2001. "Robustness of Adaptive Expectations as an Equilibrium Selection Device," CEPR Discussion Papers 2882, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Lettau, M. & Van Zandt, T., 1995. "Robustness of Adaptive Expections as an Equilibrium Selection Device," Papers 9598, Tilburg - Center for Economic Research.
Atanas Christev, 2006. "Learning Hyperinflations," Computing in Economics and Finance 2006 475, Society for Computational Economics. [Downloadable!]
Other versions:
- Atanas Christev, 2007. "Learning Hyperinflations," Money Macro and Finance (MMF) Research Group Conference 2006 126, Money Macro and Finance Research Group. [Downloadable!]

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