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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
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    Cited by:

    1. 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, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    2. 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.

    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

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