Sufficient Conditions and Necessary Conditions for delta-stability
We provide sufficient conditions and necessary conditions for stability of an economy under structural mixed recursive least squares/stochastic gradient heterogeneous learning of agents with possibly different degrees of inertia. We have found a unifying condition which is sufficient for convergence of an economy under such general type of adaptive learning towards rational expectations equilibrium for a broad class of economic models. We demonstrate and provide interpretation of this condition on an economic example
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|Date of creation:||04 Jul 2006|
|Date of revision:|
|Contact details of provider:|| Web page: http://comp-econ.org/|
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