We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we … add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our … learning model we show how a self confirming equilibrium exists but is not constant over time. As scarcity increases the SCE …

uncertainty, that there is a learning cost associated with interest rate reversals. A policy that frequently reverses the interest … monetary policy internalizes this learning cost and therefore has a lower number of interest rate reversals. The incentive to …

the global stability of nonlinear rational expectations equilibria under neural network learning. We demonstrate the … its target range. Neural network learning is also useful for solving and selecting between multiple equilibria and steady …

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity … sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which …