Aggregate substitution effects implying global stability
Article Abstract:
A new technique is used to demonstrate that the standard conditions used to gain global stability of tatonnement are influenced only by aggregate substitution effects. Assumptions regarding the total price-effect matrix affect stability only in relation to what they imply for the substitution matrix.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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Convergence of least squares learning in self-referential discontinuous stochastic models
Article Abstract:
An investigation of dynamic models with discontinuous decision rules has been used to assess whether a decision maker can learn the equilibrium of the model. It was found that each agent learns the unknown parameters through a recursive stochastic algorithm.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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