Ways of learning in a simple economic setting: a comparison

Domenico Colucci and Vincenzo Valori ()

No 2005-01, DiMaD Working Papers from Dipartimento di Matematica per le Decisioni, Universita' degli Studi di Firenze

Abstract: We analyse the capacity of a range of different learning rules to describe actual human behaviour in the experiment on expectation formation in a cobweb model conducted by Hommes et al. (2000). We find indication of a relative superiority in terms of descriptive capacity of forms of generalised adaptive expectations allowing for endogenous gain parameters.

Keywords: heterogeneous agents; expectations; bounded rationality. (search for similar items in EconPapers)
JEL-codes: D84 (search for similar items in EconPapers)
Date: 2005-01

Published as D. Colucci and V. Valori: Ways of learning in a simple economic setting: a comparison. Chaos, Solitons & Fractals, Vol. 29, Issue 3, 653-670, August 2006.

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