Temporary equililibrium dynamics with learning: The stability of random walk beliefs
This paper examines the stability of deterministic steady-states with a one dimensional state-variable and a smooth, recursive updating rule. It is shown that the only possibly stable steady states are those associated with random walk beliefs, provided there is motion on a center manifold, which is...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
1996
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/2113 https://ink.library.smu.edu.sg/context/soe_research/article/3113/viewcontent/wpasad_1996_02__1_.pdf |
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| Institution: | Singapore Management University |
| Language: | English |