Heterogeneous Learning Dynamics and Speed of Convergence

Michele Berardi

Studies in Nonlinear Dynamics & Econometrics, 2012, vol. 16, issue 4, 20

Abstract: In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We find that even when heterogeneity does not affect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the speed of convergence of learning dynamics.

Date: 2012
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Working Paper: Heterogeneous learning dynamics and speed of convergence (2010)
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DOI: 10.1515/1558-3708.1899

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