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Learning, adaptive expectations, and technology shocks

Huang, Kevin X. D.; Liu, Zheng; Zha, Tao - 2008

This study explores the macroeconomic implications of adaptive expectations in a standard real business cycle model. When rational expectations are replaced by adaptive expectations, we show that the self-confirming equilibrium is the same as the steady-state rational expectations equilibrium...

Persistent link: https://www.econbiz.de/10010292324

Discovery and diffusion of knowledge in an endogenous social network

Chang, Myong-hun; Harrington, Joseph E. - 2003

We explore the evolution of the structure and performance of a social network in a population of individuals who search for local optima in diverse and dynamic task environments. Individuals choose whether to innovate or imitate and, in the latter case, from whom to learn. The probabilities of...

Persistent link: https://www.econbiz.de/10010293468

Individual learning about consumption

Allen, Todd W.; Carroll, Christopher D. - 2001

The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem However under realistic descriptions of utility and uncertainty the optimal consumption/saving decision is so difficult that only recently...

Persistent link: https://www.econbiz.de/10010293482

Learning, hypothesis testing, and nash equilibrium

Foster, Dean P.; Young, H. Peyton - 2002

Although there exist learning processes for which the empirical distribution of play comes close to Nash equilibrium it is an open question whether the players themselves can learn to play equilibrium strategies without assuming that they have prior knowledge of their opponents' strategies...

Persistent link: https://www.econbiz.de/10010293493

Specialization on a technologically atagnant aector need not be bad for growth

Felbermayr, Gabriel - 2004

This paper presents a simple North-South model of endogenous growth, based on learning by doing, which is consistent with the following empirical observations: (i) the price of investment goods relative to consumption goods has been falling for the last 40 years in most industrialized countries,...

Persistent link: https://www.econbiz.de/10010294517

Capital flows to Emerging Markets: Liberalization, Overshooting, and Volatility

Bacchetta, Philippe; van Wincoop, Eric - 1998

The paper analyses the impact of financial liberalization and reform in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behaviour. We first show that the gradual nature of liberalization, combined with the cost of absorbing...

Persistent link: https://www.econbiz.de/10011430001

Endogenizing private information: Incentive contracts under learning by doing

Gärtner, Dennis - 2004

This paper investigates the design of incentives in a dynamic adverse selection framework when agents' production technologies display learning effects and agents' rate of learning is private knowledge. In a simple two-period model with full commitment available to the principal, we show that...

Persistent link: https://www.econbiz.de/10010315554

Monopolistic screening under learning by doing

Gärtner, Dennis - 2007

Persistent link: https://www.econbiz.de/10010315563

The relation between fluid intelligence and the general factor as a function of cultural background: A test of Cattell's investment theory

Kvist, Ann Valentin; Gustafsson, Jan-Eric - 2007

According to Cattell’s (1987) Investment theory individual differences in acquisition of knowledge and skills are … this theory holds true Gf will be a factor of General Intelligence (g) because it is involved in all domains of learning …. The purpose of the current study was to test the Investment theory, through investigating effects on the relation between …

Persistent link: https://www.econbiz.de/10010317950

An experiment on learning with limited information: Nonconvergence, experimentation cascades, and the advantage of being slow

Friedman, Eric; Shor, Mikhael; Shenker, Scott; Sopher, Barry - 2000

We present the results of an experiment on learning in a continuous-time low-information setting. For a Cournot oligopoly with differentiated products, a dominance solvable game, we find little evidence of convergence to the Nash equilibrium. In an asynchronous setting, play tends toward the...

Persistent link: https://www.econbiz.de/10010318349

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