Ways of learning in a simple economic setting: a comparison

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. (2000). We find indication of a relative superiority in terms of descriptive capacity of forms of generalised adaptive expectations allowing for endogenous gain parameters.

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Year of publication:	2005-01
Authors:	Colucci, Domenico ; Valori, Vincenzo
Institutions:	Dipartimento di Scienze per l'Economia e l'Impresa, Università degli Studi di Firenze
Subject:	heterogeneous agents \| expectations \| bounded rationality

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Extent:	application/pdf
Series:	Working Papers - Mathematical Economics.
Type of publication:	Book / Working Paper
Notes:	Published as D. Colucci and V. Valori: Ways of learning in a simple economic setting: a comparison. Chaos, Solitons & Fractals, Vol. 29, Issue 3, 653-670, August 2006. Number 2005-01 2 pages long
Classification:	D84 - Expectations; Speculations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008555462