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Learning Dynamics: Complete and Incomplete Learning

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Author Info

  • Honkapohja, S.

Abstract

Models of expextations formation via learning by economic agents have recently been developed in the literature. Currently, the most common approach leads to complete learning in which asymptotically agents have rational expectations (though cases of instability also exist). Dynamics with learning can differ radically rational expectations (RE) dynamics. The paper illustrates the possibilities of an equilibrium dynamics using a simple model of coordination failures.

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Bibliographic Info

Paper provided by Department of Economics in its series University of Helsinki, Department of Economics with number 460.

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Length: 18 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:helsec:460

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Postal: University of Helsinki; Department of Economics, P.O.Box 54 (Unioninkatu 37) FIN-00014 Helsingin Yliopisto
Phone: +358 9 191 8897
Fax: +358 9 191 8877
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Web page: http://www.helsinki.fi/politiikkajatalous/
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Related research

Keywords: ECONOMIC POLICY ; EXPECTATIONS ; LEARNING;

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Cited by:
  1. Robert Somogyi & Janos Vincze, 2011. "Price Rigidity and Strategic Uncertainty An Agent-based Approach," IEHAS Discussion Papers 1135, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.

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