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Learning and the saddle point property

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  • Gauthier, Stephane

Abstract

This note shows that there are close connections between the determinacy of a stationary state equilibrium and its stability under learning whenever agents try to estimate both the law of motion of the state variable and the stationary state value.
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Suggested Citation

  • Gauthier, Stephane, 2001. "Learning and the saddle point property," Economics Letters, Elsevier, vol. 73(3), pages 339-343, December.
    • Handle: RePEc:eee:ecolet:v:73:y:2001:i:3:p:339-343
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    References listed on IDEAS

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    1. Jean-Michel Grandmont, 1991. "Temporary Equilibrium: Money, Expectations and Dynamics," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 1, pages 3-30, Palgrave Macmillan.
    2. Grandmont, Jean-Michel & Laroque, Guy, 1986. "Stability of cycles and expectations," Journal of Economic Theory, Elsevier, vol. 40(1), pages 138-151, October.
    3. Barnett,William A. & Geweke,John & Shell,Karl (ed.), 1989. "Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity," Cambridge Books, Cambridge University Press, number 9780521355636, December.
    4. Bartholomew J. Moore, 1993. "Least-Squares Learning and the Stability of Equilibria with Externalities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(1), pages 197-208.
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