Comparing expectational stability criteria in dynamical models: a preparatory overview

Stephane Gauthier and Guesnerie Roger ()

DELTA Working Papers from DELTA (Ecole normale supérieure)

Abstract: This paper compares the most significant expectational stability criteria that have been used to assess the plausibility of perfect foresight trajectories in forward-looking dynamical systems: determinacy of trajectories, absence of neighbour sunspot trajectories, and convergence of "evolutive" and "eductive" learning processes. It examines, within a set of increasingly complex dynamical models, the robustness of an equivalence principle suggested by the analysis of the simplest classes of those models.

New Economics Papers: this item is included in nep-dge and nep-evo
Date: Written 2004

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