Stochastic Mean-Values, Rational Expectations, and Price Movements

Sjur Flåm and C. Horvath

Norway; Department of Economics, University of Bergen from Department of Economics, University of Bergen

Abstract: Numerous economic problems assume the form of finding a fixed point of a continuous self-mapping on a compact interval. We consider instances where the mapping is a parametrized expected value, and we offer an iterative scheme for locating a fixed point. The proposed method can be seen as an adaptive learning method, akin to stochastic approximation.

Keywords: PRICES; LEARNING; EXPECTATIONS (search for similar items in EconPapers)
JEL-codes: C60 C61 (search for similar items in EconPapers)
Pages: 8 pages
Date: 1998
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Journal Article: Stochastic mean values, rational expectations, and price movements (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:bereco:0998

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