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Apprentissage et équilibres à taches solaires. Un point de vue divinatoire

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  • Gabriel Desgranges
  • Giorgio Negroni

Abstract

In a simple OLG model, we analyze expectations coordination on a Stationary Sunspot Equilibrium (SSE), using an ‘‘eductive” approach in which agents forecast the forecasting of other participants through Common Knowledge assumptions. We characterize the local stability of a SSE in terms of labor supply elasticity, and we give two results of existence of locally stable SSE by means both of Poincaré-Hopf Theorem and a local bifurcation argument. Classification JEL : D84, D90, E37

Suggested Citation

  • Gabriel Desgranges & Giorgio Negroni, 2001. "Apprentissage et équilibres à taches solaires. Un point de vue divinatoire," Revue économique, Presses de Sciences-Po, vol. 52(3), pages 583-593.
  • Handle: RePEc:cai:recosp:reco_523_0583
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    1. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals and Misperceptions," Journal of Economic Perspectives, American Economic Association, pages 67-92.
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    More about this item

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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