(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning …

We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to … representation used by agents in the learning process. Only the finite-state Markov sunspot solutions can be stable under learning. …

structure, forecasts, and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational …

in this model. This note shows that these additional equilibria are always unstable under learning. This is true for both … eductive learning following Guesnerie [2002] and adaptive learning via leastsquares estimation (cf. Marcet and Sargent [1988 … clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive …

stable under adaptive learning, taking the form of noisy finite state Markov processes at resonant frequencies. For a range …

We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and … the economy. The simplicity of behavioral learning equilibria makes coordination of individual expectations on such an … aggregate outcome more likely. In a first application, an asset pricing model with AR(1) dividends, a unique behavioral learning …

learning with heterogeneously misspecified econometric models; the equilibrium is called a Heterogeneous Misspecification … equilibrium under learning with a correctly specified model; that is, heterogeneous misspecification in adaptive learning never …

We study the properties of generalized stochastic gradient (GSG) learning in forward-looking models. We examine how the … conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to E-stability, which … governs stability under least squares learning. SG algorithms are sensitive to units of measurement and we show that there is …