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Hommes, Cars H.; Zhu, Mei - 2013

Persistent link: https://www.econbiz.de/10010191433

Adaptive agents may be smarter than you think : unbiasedness in adaptive expectations

Palestrini, Antonio; Delli Gatti, Domenico; Gallegati, Mauro - 2021

Agents forming adaptive expectations generally make systematic mistakes. This characterization has fostered the rejection of adaptive expectations in macroeconomics. Experimental evidence, however, shows that in complex environments human subjects frequently rely on adaptive heuristics –...

Persistent link: https://www.econbiz.de/10012599034

Endogenously (non-)Ricardian beliefs

Branch, William A.; Gasteiger, Emanuel - 2019

This paper develops a theory of endogenously (non-)Ricardian beliefs. That is, whether Ricardian Equivalence holds in … within the restricted class, i.e., a restricted perceptions equilibrium (RPE). A misspecification equilibrium is a refinement …. We show that (1.) there can exist misspecification equilibria where beliefs are endogenously (non-)Ricardian, (2 …

Persistent link: https://www.econbiz.de/10011992751

Statistical sunspots

Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 1, pp. 291-329

models. In environments with hidden state variables, forecast‐model misspecification can break the link between indeterminacy …

Persistent link: https://www.econbiz.de/10012806933

Heterogeneous Beliefs and Learning in Forward Looking Economic Models

Barucci, Emilio - 2000

We study a class of forward looking economic models with heterogeneous agents in a bounded rationality setting. The agents employ the same recursive learning rule to update beliefs but are characterized by different memory parameters. The peculiarity of the learning mechanism is that the...

Persistent link: https://www.econbiz.de/10014173987

Chapter 7 Learning dynamics

Evans, George W.; Honkapohja, Seppo - In: Handbook of macroeconomics : volume 1, part A, (pp. 449-542). 1999

This chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts as a selection device in models with multiple REE...

Persistent link: https://www.econbiz.de/10014024243