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Learning of cycles and sunspot equilibria by Genetic Algorithms (*)

Herbert Dawid

Journal of Evolutionary Economics, 1996, vol. 6, issue 4, 373 pages

Abstract: We analyze the learning behaviour of a Simple Genetic Algorithm in an overlapping generations model with one consumption good and fiat money. It is shown by simulations, that in cases where periodic equilibria exist the equilibrium of period two is learned by a Genetic Algorithm and not the monetary steady state. We further show that proper coding leads to convergence of the GA towards the sunspot equilibrium. If individuals who believe in the impact of sunspots are brought together with individuals who ignore the sunspots, the sunspot believes will in most cases drive the other individuals out of the population.

Keywords: Overlapping Generations Model; Cycles; Sunspots; Genetic Algorithms. (search for similar items in EconPapers)
JEL-codes: C63 D83 (search for similar items in EconPapers)
Date: 1996
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Journal of Evolutionary Economics is currently edited by Uwe Cantner, Elias Dinopoulos, Horst Hanusch and Luigi Orsenigo

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