Dosi, Giovanni; Napoletano, Mauro; Roventini, Andrea; … - 2017
We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent …, we find that neither individual nor macroeconomic dynamics improve when agents replace myopic expectations with less … naïve learning rules. In fact, more sophisticated, e.g. recursive least squares (RLS) expectations produce less accurate …