IDEAS home Printed from https://ideas.repec.org/a/spr/joecth/v15y2000i1p163-184.html
   My bibliography  Save this article

Ergodic chaos, learning and sunspot equilibrium

Author

Listed:
  • Wilfredo L. Maldonado

    (Departamento de Economia, Universidade Federal Fluminense, Rua Tiradentes 17, Niterói, CEP 24210-510, RJ, BRASIL)

  • Aloisio P. Araujo

    (EPGE/FGV and IMPA, Caixa Postal 34021 Jardim Botânico, CEP 22470-050, RJ, BRASIL)

Abstract

In this paper we construct sunspot equilibria that arise from chaotic deterministic dynamics. These equilibria are stationary and have absolutely continuous stationary measures. We prove that they can be learned by a simple rule based on the histograms of past state variables. This work gives a theoretical justification for complex deterministic models that might compete with stochastic models to explain real data. Also we prove the stochastic stability of the indeterminate equilibrium.

Suggested Citation

  • Wilfredo L. Maldonado & Aloisio P. Araujo, 2000. "Ergodic chaos, learning and sunspot equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(1), pages 163-184.
    • Handle: RePEc:spr:joecth:v:15:y:2000:i:1:p:163-184
    Note: Received: June 2, 1997; revised version: December 5, 1998
    as

    Download full text from publisher

    File URL: http://link.springer.de/link/service/journals/00199/papers/0015001/00150163.pdf
    Download Restriction: Access to the full text of the articles in this series is restricted
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

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


    Cited by:

    1. Yokoo, Masanori & Ishida, Junichiro, 2008. "Misperception-driven chaos: Theory and policy implications," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 1732-1753, June.
    2. Araújo, Aloísio Pessoa de & Maldonado, Wilfredo Fernando Leiva, 2001. "A note on learning chaotic sunspot equilibrium," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 423, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    3. Aloisio Araujo & Wilfredo L. Maldonado & Diogo Pinheiro & Alberto A. Pinto & Mohammad Choubdar Soltanahmadi, 2021. "Refinement of dynamic equilibrium using small random perturbations," International Journal of Economic Theory, The International Society for Economic Theory, vol. 17(3), pages 258-283, September.

    More about this item

    Keywords

    Complex dynamics and sunspot equlibrium.;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

    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:spr:joecth:v:15:y:2000:i:1:p:163-184. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.