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This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
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equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates … the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses its …
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metaphor for social learning. This paper will face the question what an economist can learn from the mathematical branch of … algorithm learning is a compound of three different learning schemes. First, every particular scheme is analyzed. Then it will … be pointed out that it is the combination of the three schemes that gives genetic algorithm learning its special flair: A …
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In this paper we investigate how cognitive ability and character skills influence behavior, success and the evolution … understand better how subjects with different cognitive abilities learn differently, we estimate a structural model of learning … ability to that of character skills, and find that both cognition and personality affect behavior and learning. More agreeable …
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