Heterogeneous expectations, sunspot equilibria and their fragility

Michele Berardi

doi:10.1016/j.econlet.2009.08.021

Heterogeneous expectations, sunspot equilibria and their fragility

Michele Berardi

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

In a simple, univariate forward looking model, we show how a class of sunspot equilibria can depend on the relative fraction of agents under heterogeneous expectations. We then investigate if such equilibrium could be brought about by endogenous predictor choice dynamics. © 2009 Elsevier B.V. All rights reserved.

Original language	English
Pages (from-to)	276-279
Number of pages	3
Journal	Economics Letters
Volume	105
Issue number	3
DOIs	https://doi.org/10.1016/j.econlet.2009.08.021
Publication status	Published - Dec 2009

Keywords

Endogenous predictor choice
Heterogeneous expectations
Sunspot equilibria

Access to Document

10.1016/j.econlet.2009.08.021

Cite this

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title = "Heterogeneous expectations, sunspot equilibria and their fragility",

abstract = "In a simple, univariate forward looking model, we show how a class of sunspot equilibria can depend on the relative fraction of agents under heterogeneous expectations. We then investigate if such equilibrium could be brought about by endogenous predictor choice dynamics. {\textcopyright} 2009 Elsevier B.V. All rights reserved.",

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AB - In a simple, univariate forward looking model, we show how a class of sunspot equilibria can depend on the relative fraction of agents under heterogeneous expectations. We then investigate if such equilibrium could be brought about by endogenous predictor choice dynamics. © 2009 Elsevier B.V. All rights reserved.

KW - Endogenous predictor choice

KW - Heterogeneous expectations

KW - Sunspot equilibria

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DO - 10.1016/j.econlet.2009.08.021

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JO - Economics Letters

JF - Economics Letters

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