Heterogeneous learning dynamics and speed of convergence

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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 languageEnglish
Article number1899
JournalStudies in Nonlinear Dynamics and Econometrics
Issue number4
Publication statusPublished - Sept 2012


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