A local stability condition for the standard neo-classical Ramsey growth model is derived. The proposed setting is deterministic, defined in discrete time and expectations are formed through adaptive learning.

Under the assumption of bounded rationality, economic agents learn from their past mistaken predictions by combining new and old information to form new beliefs. The purpose of this paper is to examine how the policy-maker, by affecting private agents' learning process, determines the speed at...

A local dynamic analysis, in the neighborhood of the steady-state, is developed for one and two-sector endogenous growth models. The problem differs from the conventionally assumed growth setups because one considers that expectations concerning the next period value of the control variable...

This paper develops a quantal-response adaptive learning model which combines sellers' bounded rationality with adaptive belief learning in order to explain price dispersion and dynamics in laboratory Bertrand markets with perfect information. In the model, sellers hold beliefs about their...

In this paper, we provide a theoretical prediction of the way in which adaptive players behave in the long run in games with strict Nash equilibria. In the model, each player picks the action which has the highest assessment, which is a weighted average of past payoffs. Each player updates his...

Dieses vorläufige Papier beinhaltet keinerlei neuen Erkenntnisse, sondern fasst lediglich einige zentrale Aspekte der makroökonomischen Lerntheorie (siehe Evans, Honkajohja (2001)) knapp zusammen. Es wird der Frage nachgegangen ob rationale Erwartungsgleichgewichte lernbar sind. Lernen...

This paper introduces a two-stage interactive cobweb model with information diffusion. The additional stage of information diffusion leads to a possibility of up to five equilibria. Stability properties under learning remain similar to those under a model with one-way information diffusion, but...

I introduce "Expectational Business Cycles" where output fluctuates due to learning, heterogeneous forecasting models and random changes in the efficient forecasting model. Agents use one of two forecasting models to forecast future variables while heterogeneity is dictated via an evolutionary...

This paper studies a game theoretic model where agents choose between two updating rules to predict a future endogenous variable. Agents rationally choose between these predictors based on relative performance. Conditions for evolutionary stability and stability under learning are found for the...

This paper presents a linear self-referential macroeconomic model with the possibility of multiple equilibria where agents have the choice of using one of two forecasting models (one of minimum state variable form and the other of sunspot form) to form expectations of current and future prices....