Ways of learning in a simple economic setting: A comparison

Domenico Colucci and Vincenzo Valori

Chaos, Solitons & Fractals, 2006, vol. 29, issue 3, 653-670

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. [C.H. Hommes, J. Sonnemans, H. van de Velden, Expectations formation in a cobweb economy: some one person experiments. In: D. Delli Gatti, M. Gallegati, A. Kirman (Eds.), Interaction and market structure essays on heterogeneity in economics. Lecture notes in economics and mathematical systems, Springer-Verlag, 2000, p. 253–66]. We find indication of a relative superiority in terms of descriptive capacity of forms of generalised adaptive expectations allowing for endogenous gain parameters.

Date: 2006
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Working Paper: Ways of learning in a simple economic setting: a comparison (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:29:y:2006:i:3:p:653-670

DOI: 10.1016/j.chaos.2005.08.097

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