IDEAS home Printed from https://ideas.repec.org/a/ebl/ecbull/eb-08c60005.html
   My bibliography  Save this article

Local Learning Dynamics

Author

Listed:
  • Orlando Gomes

    () (Escola Superior de Comunicação Social (IPL) and Economics Research Center (ERC - UNIDE/ISCTE))

Abstract

The paper undertakes a detailed characterization of the local dynamic properties of three simple deterministic models involving expectations. The expectations are formed under an adaptive learning process. Allowing for different degrees of learning quality, the analysis reveals the existence of a large variety of possible long term outcomes: in some scenarios, stability and instability are independent of the learning quality in other circumstances, some minimal requirement on learning efficiency is necessary to attain stability in some settings, it is even possible that high quality learning may prevent attaining the stable outcome that otherwise is accomplished.

Suggested Citation

  • Orlando Gomes, 2008. "Local Learning Dynamics," Economics Bulletin, AccessEcon, vol. 3(57), pages 1-15.
  • Handle: RePEc:ebl:ecbull:eb-08c60005
    as

    Download full text from publisher

    File URL: http://www.accessecon.com/pubs/EB/2008/Volume3/EB-08C60005A.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Koulovatianos, Christos & Mirman, Leonard J. & Santugini, Marc, 2009. "Optimal growth and uncertainty: Learning," Journal of Economic Theory, Elsevier, vol. 144(1), pages 280-295, January.
    2. Marcet, Albert & Sargent, Thomas J., 1989. "Convergence of least squares learning mechanisms in self-referential linear stochastic models," Journal of Economic Theory, Elsevier, vol. 48(2), pages 337-368, August.
    3. Schonhofer, Martin, 1999. "Chaotic Learning Equilibria," Journal of Economic Theory, Elsevier, vol. 89(1), pages 1-20, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Orlando Gomes, 2010. "Ordinary Least Squares Learning And Nonlinearities In Macroeconomics," Journal of Economic Surveys, Wiley Blackwell, vol. 24(1), pages 52-84, February.

    More about this item

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • E0 - Macroeconomics and Monetary Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-08c60005. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.