Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...

We conduct experiments with human subjects in a model with a positive production externality in which productivity is a non-decreasing function of the average level of employment of other firms. The model has three steady states: the low and high steady states are expectationally stable...

Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH - (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium with degenerate money distribution. I solve...

This paper explores the question whether boundedly rational agents learn to behave optimally when asked to voluntarily contribute to a public good. The decision process of individuals is described by an Evolutionary Algorithm. We analyze the learning process of purely and impurely altruistic...

Dieser Beitrag gibt einen Überblick über Ansatzpunkte und Möglichkeiten zur Integration von Lernprozessen in volkswirtschaftliche Fragestellungen. Es werden alternative Methoden vorgestellt, individuelle aber auch gesellschaftliche Lernenvorgänge in ökonomischen Modellen zu erfassen.

Das Papier untersucht, wie Erwartungsbildung mit Hilfe neuronaler Netze modelliert werden kann. Die Grundlage bildet ein Cobweb-Modell, in dem Firmen Preiserwartungen auf Basis eines Feedforward-Netzes bilden. Zunächst wird anhand von Simulationen gezeigt, daß Firmen durch neuronale...

This article tries to connect two separate strands of literature concerning genetic algorithms. On the one hand, extensive research took place in mathematics and closely related sciences in order to find out more about the properties of genetic algorithms as stochastic processes. On the other...

This paper tries to connect the theory of genetic algorithm (GA) learning to evolutionary game theory. It is shown that economic learning via genetic algorithms can be described as a specific form of evolutionary game. It will be pointed out that GA learning results in a series of near Nash...

This paper analyzes the relationship between the expectational stability of rational expectations equilibria and the possible convergence of adaptive learning processes. Results obtained using recursive least squares lead to the conjecture that a correspondence between these both selection...

The paper presents an extended version of the consumer choice problem. Different from the standard model, prices are not fixed but arise from Walrasian interactions of total demand and a stylized supply function for each of the goods. Three different types of evolutionary algorithms are set up...