A note on least-squares learning mechanism
Article Abstract:
The application by Marcet and Sargent of the approach proposed by Ljung for the least-squares learning mechanism is critiqued. The two theorists came up with economic constraints in their application to concentrate on the workings of a set of differential functions. These yielded two errors, namely: the problem of unit eigenvalue and that of heterogeneous agents. A reformulation of the learning mechanism is undertaken.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1995
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Eductive expectations coordination on deterministic cycles in an economy with heterogeneous agents
Article Abstract:
A study is presented on the expectations coordinations on two cycle deterministic in a heterogenic economy. Eductive approach is used in the analysis.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2005
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