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Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models - (Now published in 'Econometrica', vol.63 (1995), pp.195-206.)
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1992
We examine a recursive algorithm for learning steady states and cycles in stochastic nonlinear models. Necessary and sufficient conditions for local convergence are shown to be equivalent to easily computable expectational-stability conditions. These conditions are affected by the distribution...
Persistent link: https://www.econbiz.de/10010720175
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Adaptive Learning and Expectational Stability: An Introduction - (Now published as Ch.4 in 'Learning Rationality in Economics', A Kirman and M Salmon (eds), 1995, Basil Blackwell,...
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1992
Rational expectations as the standard solution concept for dynamic economic models leaves open two fundamental questions: (1) how can RE be attained if agents do not actually begin with RE?, and (2) which RE solution will the economy follow hen there are multiple RE solutions? Expectational...
Persistent link: https://www.econbiz.de/10010720181
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On the Preservation of Deterministic Cycles when some Agents Perceive them to be Random Fluctuations (Now published in Journal of Economic Dynamics and Control, vol.17 (1993), pp.7...
Evans, George W.; Honkapohja, Seppo; Sargent, Thomas J. - Suntory and Toyota International Centres for Economics … - 1991
Persistent link: https://www.econbiz.de/10010720186
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Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria - (Now published in 'European Economic Review', vol.38 (1994), pp.1071-1098.)
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1990
Persistent link: https://www.econbiz.de/10010720202
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On the Local Stability of Sunspot Equilibria Under Adaptive Learning Rules - (Now published in 'Journal of Economic Theory', vol.64 (1994), pp.142-161.)
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1992
We examine local stability under learning of stationary Markov sunspot equilibria (SSEs) in a simply dynamic nonlinear model. Necessary and sufficient conditions for local convergence of a recursive learning algorithm to SSEs are shown to be given (generically) by expectational stability...
Persistent link: https://www.econbiz.de/10010720222
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Rationalizability, Strong Rationality and Expectational Stability (Now published in Games and Economic Behavior, Special Issue on Learning Dynamics, vol.5 (Oct. 1993), pp.632-646)....
Evans, George W.; Guesnerie, Roger - Suntory and Toyota International Centres for Economics … - 1992
We examine the connection between two stability concepts of rational expectations equilibria: expectational stability, based on the convergence of iterations of expectations, and strong rationality, based on uniqueness of the rationalizable solutions of an associated game with restrictions on...
Persistent link: https://www.econbiz.de/10010720233
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Expectation Calculation and Macroeconomic Dynamics (Now published in American Economic Review, (March 1992).)
Evans, George W.; Ramey, Gary - Suntory and Toyota International Centres for Economics … - 1989
Persistent link: https://www.econbiz.de/10005797418
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Rationalizability, Strong Rationality and Expectational Stability (Now published in Games and Economic Behavior, Special Issue on Learning Dynamics, vol.5 (Oct. 1993), pp.632-646)....
Evans, George W.; Guesnerie, Roger - Suntory and Toyota International Centres for Economics … - 1992
We examine the connection between two stability concepts of rational expectations equilibria: expectational stability, based on the convergence of iterations of expectations, and strong rationality, based on uniqueness of the rationalizable solutions of an associated game with restrictions on...
Persistent link: https://www.econbiz.de/10005797427
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Adaptive Learning and Expectational Stability: An Introduction - (Now published as Ch.4 in 'Learning Rationality in Economics', A Kirman and M Salmon (eds), 1995, Basil Blackwell,...
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1992
Rational expectations as the standard solution concept for dynamic economic models leaves open two fundamental questions: (1) how can RE be attained if agents do not actually begin with RE?, and (2) which RE solution will the economy follow hen there are multiple RE solutions? Expectational...
Persistent link: https://www.econbiz.de/10005797437
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Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models - (Now published in 'Econometrica', vol.63 (1995), pp.195-206.)
Evans, George W.; Honkapohja, Seppo - Suntory and Toyota International Centres for Economics … - 1992
We examine a recursive algorithm for learning steady states and cycles in stochastic nonlinear models. Necessary and sufficient conditions for local convergence are shown to be equivalent to easily computable expectational-stability conditions. These conditions are affected by the distribution...
Persistent link: https://www.econbiz.de/10005510504