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Heterogeneous learning dynamics and speed of convergence

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  • Michele Berardi

Abstract

In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We …nd that even when heterogeneity does not a¤ect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the speed of convergence of learning dynamics.

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  • Michele Berardi, 2010. "Heterogeneous learning dynamics and speed of convergence," Centre for Growth and Business Cycle Research Discussion Paper Series 148, Economics, The Univeristy of Manchester.
  • Handle: RePEc:man:cgbcrp:148
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    File URL: http://hummedia.manchester.ac.uk/schools/soss/cgbcr/discussionpapers/dpcgbcr148.pdf
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    1. Guse, Eran A., 2005. "Stability properties for learning with heterogeneous expectations and multiple equilibria," Journal of Economic Dynamics and Control, Elsevier, vol. 29(10), pages 1623-1642, October.
    2. Berardi, Michele & Duffy, John, 2015. "Real-Time, Adaptive Learning Via Parameterized Expectations," Macroeconomic Dynamics, Cambridge University Press, vol. 19(02), pages 245-269, March.
    3. Berardi, Michele, 2007. "Heterogeneity and misspecifications in learning," Journal of Economic Dynamics and Control, Elsevier, vol. 31(10), pages 3203-3227, October.
    4. Ferrero, Giuseppe, 2007. "Monetary policy, learning and the speed of convergence," Journal of Economic Dynamics and Control, Elsevier, vol. 31(9), pages 3006-3041, September.
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