Stochastic Gradient Learning in the Cobweb Model

George Evans and Seppo Honkapohja

University of Helsinki, Department of Economics from Department of Economics

Abstract: We consider the effects of replacing least squares learning by stochastic gradient learning in the multivariate "Cobweb" model. Are the stability conditions altered? For this model, we show global convergence of stochastic gradient learning to the unique rational expectations equilibrium provided the E-stability condition is satisfied.

Keywords: ECONOMETRICS; ECONOMIC MODELS; BOUNDED RATIONALITY (search for similar items in EconPapers)
JEL-codes: D83 E10 (search for similar items in EconPapers)
Pages: 7 pages
Date: 1998
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Citations: View citations in EconPapers (17)

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Journal Article: Stochastic gradient learning in the cobweb model (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:helsec:438

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