Ergodic chaos, learning and sunspot equilibrium

Wilfredo Maldonado () and Aloisio Araujo

Economic Theory, 2000, vol. 15, issue 1, 163-184

Abstract: In this paper we construct sunspot equilibria that arise from chaotic deterministic dynamics. These equilibria are stationary and have absolutely continuous stationary measures. We prove that they can be learned by a simple rule based on the histograms of past state variables. This work gives a theoretical justification for complex deterministic models that might compete with stochastic models to explain real data. Also we prove the stochastic stability of the indeterminate equilibrium.

Keywords: Complex; dynamics; and; sunspot; equlibrium. (search for similar items in EconPapers)
JEL-codes: C61 E32 (search for similar items in EconPapers)
Date: 1999-11-22
Note: Received: June 2, 1997; revised version: December 5, 1998
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Citations: View citations in EconPapers (3)

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