Assenza, Tiziana; Berardi, Michele - In: Journal of Economic Dynamics and Control 33 (2009) 5, pp. 1159-1169
105, 211-248] enriched with learning dynamics, where both borrowers and lenders need to form expectations about the future … price of the collateral. We find that under homogeneous learning, the MSV REE for this economy is E-stable and can be … learned by agents, but when heterogeneous learning is allowed and uncertainty in terms of a stochastic productivity is added …