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In this paper I give a method for finding long-run-average policies in the undiscounted economic growth problem using approximations by finite horizons. Required hypothesis is the strong interiority of T-horizon solutions.
Persistent link: https://www.econbiz.de/10005753215
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...
Persistent link: https://www.econbiz.de/10005370776