Hommes, Cars; Wagener, Florian - In: Journal of Economic Behavior & Organization 75 (2010) 1, pp. 25-39
This note presents a simple example of a model in which the unique rational expectations (RE) steady state equilibrium is eductively stable in the sense of Guesnerie (2002), but where evolutionary learning, as introduced in Brock and Hommes (1997), does not necessarily converge to the RE steady...