Chiarella, Carl; He, Xue-Zhong - In: Computational Economics 19 (2002) 1, pp. 95-132
Trade among individuals occurs either because tastes (risk aversion) differ, endowments differ, or beliefs differ. Utilising the concept of "adaptively rational equilibrium" and a recent framework of Brock and Hommes (1977, 1997) this paper incorporates risk and learning schemes into a simple...