Heterogeneous learning dynamics and speed of convergence

Michele Berardi

doi:10.1515/1558-3708.1899

Heterogeneous learning dynamics and speed of convergence

Michele Berardi

Economics

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

Abstract

In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We find that even when heterogeneity does not affect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the speed of convergence of learning dynamics. Copyright © 2012 De Gruyter.

Original language	English
Article number	1899
Journal	Studies in Nonlinear Dynamics and Econometrics
Volume	16
Issue number	4
DOIs	https://doi.org/10.1515/1558-3708.1899
Publication status	Published - Sept 2012

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abstract = "In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We find that even when heterogeneity does not affect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the speed of convergence of learning dynamics. Copyright {\textcopyright} 2012 De Gruyter.",

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Heterogeneous learning dynamics and speed of convergence

Abstract

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