Agents have two forecasting models, one consistent with the unique rational expectations equilibrium, another that assumes a time-varying parameter structure. When agents use Bayesian updating to choose between models in a self-referential system, we find that learning dynamics lead to selection...

While it is widely agreed that current enterprise resource planning (ERP) systems cannot evolve much further, it is the question how future enterprise systems will look like. To approach an answer to this question, this report provides at first an analysis of essential high level requirements...

While it is widely agreed that current enterprise resource planning (ERP) systems cannot evolve much further, it is the question how future enterprise systems will look like. To approach an answer to this question, this report provides at first an analysis of essential high level requirements...

Agents have two forecasting models, one consistent with the unique rational expectations equilibrium, another that assumes a time-varying parameter structure. When agents use Bayesian updating to choose between models in a self-referential system, we find that learning dynamics lead to selection...