EconPapers    
Economics at your fingertips  
 

Heterogeneous Learning

Chryssi Giannitsarou ()

Review of Economic Dynamics, 2003, vol. 6, issue 4, 885-906

Abstract: There is by now a large literature characterising conditions under which learning schemes converge to rational expectations equilibria (REEs). It has been claimed that these results depend on the assumption of homogeneous agents and homogeneous learning. This paper analyses the stability of REEs under heterogeneous adaptative learning, for the class of self-referential linear stochastic models. Agents may differ in their initial perceptions about the evolution of the economy, the degrees of inertia in revising their expectations, or the learning rules they use. General conditions are provided for local stability of an REE. In general, it is not possible to show that stability inder homogeneous learning implies stability under heterogeenous learning. To illustrate how to apply the results, several examples are provided. (Copyright: Elsevier)

Keywords: adaptative learning; heterogeneity; stability of equilibria (search for similar items in EconPapers)
JEL-codes: D83 C62 (search for similar items in EconPapers)
Date: 2003
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (48) Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.1016/S1094-2025(03)00011-5 Full text (application/pdf)
Access to full texts is restricted to ScienceDirect subscribers and ScienceDirect institutional members. See http://www.sciencedirect.com/ for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:red:issued:v:6:y:2003:i:4:p:885-906

Ordering information: This journal article can be ordered from
https://www.economic ... ription-information/

DOI: 10.1016/S1094-2025(03)00011-5

Access Statistics for this article

Review of Economic Dynamics is currently edited by Loukas Karabarbounis

More articles in Review of Economic Dynamics from Elsevier for the Society for Economic Dynamics Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().

 
Page updated 2020-10-26
Handle: RePEc:red:issued:v:6:y:2003:i:4:p:885-906