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Heterogeneous learning dynamics and speed of convergence

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  • Michele Berardi

Abstract

In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We …nd that even when heterogeneity does not a¤ect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the speed of convergence of learning dynamics.

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File URL: http://www.socialsciences.manchester.ac.uk/medialibrary/cgbcr/discussionpapers/dpcgbcr148.pdf
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Paper provided by Economics, The Univeristy of Manchester in its series Centre for Growth and Business Cycle Research Discussion Paper Series with number 148.

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Length: 19 pages
Date of creation: 2010
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Handle: RePEc:man:cgbcrp:148

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