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| Author: | Evans, G. W. Honkapohja, S. |
| Title: | Economic dynamics with learning: New stability results |
| Journal: | Review of Economic Studies
1998 : JAN, VOL. 65:1, p. 23-44 |
| Index terms: | ECONOMETRIC MODELS STOCHASTIC PROCESSES LEARNING STATISTICS LITERATURE |
| Language: | eng |
| Abstract: | This article applies new methods for analysing the local stability of learning to stochastic dynamic economic models where multiple equilibria may be present. The combination of random shocks and multiplicity makes local analysis challenging because of the possibility of these shocks moving the state of the system by large amounts. The results , giving positive or near 1 probability of convergence from nearby starting points for solutions satisfying a stability condition, provide a precise content to the notion of local stability under learning. |
SCIMA