Imperfect foresight and chaos: an example of a self-fulfilling mistake
Article Abstract:
Mistakenly identifying a deterministic chaotic system with a stochastic one proved to be a self-fulfilling mistake. Such situation typifies a self-fulfilling mistake since misidentification of a deterministic chaotic system resulted only when it was made. Consideration of an overlapping generations economy also revealed that chaotic-like dynamics of the imperfect foresight equilibrium are created when simple econometric models are applied in the establishment of expectations.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1998
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The evolution of human capital in an interacting agent economy
Article Abstract:
A dynamic spatial model of human capital accumulation showed that convergence occurs under a small level of externalities. It was shown that agents with initially dispersed human capital stocks will have the same level in the long run. Either divergence or cyclical behavior in steady state human capital stocks results, depending on the sloping pattern of the spillover function g, whenever externalities are sufficiently strong.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1998
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A spatial-temporal model of human capital accumulation
Article Abstract:
Human capital accumulation is investigated using a model of overlapping generations.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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