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research articles : Global convergence of adaptive learning in models of pure exchange

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Author Info
Jan Wenzelburger () (Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Postfach 100 131, 33501 Bielefeld, GERMANY)

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Abstract

This paper develops an adaptive learning scheme for a standard version of the OLG model with pure exchange. Perfect forecasting rules which generate perfect foresight orbits are approximated by cubic spline functions. These approximations are successively constructed using historical data only. Trajectories generated by this scheme converge to perfect foresight orbits globally for all initial conditions. This result holds for all parameterizations guaranteeing the existence of a monetary steady state and hence is independent of consumers' savings behavior. It generalizes to all one-dimensional models of the Cobweb type.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 19 (2002)
Issue (Month): 4 ()
Pages: 649-672
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Handle: RePEc:spr:joecth:v:19:y:2002:i:4:p:649-672

Note: Received: October 5, 2000; revised version: February 15, 2001
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Related research
Keywords: Learning dynamics; Rational expectations; Bounded rationality.;

Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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

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