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Ergodic chaos, learning and sunspot equilibrium

Listed author(s):
  • 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)

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.

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Article provided by Springer & Society for the Advancement of Economic Theory (SAET) in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 1 ()
Pages: 163-184

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Handle: RePEc:spr:joecth:v:15:y:2000:i:1:p:163-184
Note: Received: June 2, 1997; revised version: December 5, 1998
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