Two Destabilizing Strategies May Be Jointly Stabilizing

Journal of Economics/ Zeitschrift fur Nationalokonomie

Volumn 69, Issue 1, 1999, Pages 1-18

  Franke, Reiner ^a   Nesemann, Tim ^a  

^a UNIVERSITY OF BREMEN   (Germany)

Author keywords

Behavioral heterogeneity; Bounded rationality; Cobweb model; Learning

Indexed keywords

EID: 0345774057     PISSN: 09318658     EISSN: None     Source Type: Journal    
DOI: 10.1007/BF01231208     Document Type: Article

References (8)

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2. Brock, W. A., and Hommes, C. H. (1997): "Rational Routes to Randomness." Econometrica 65: 1059-1095.
3. Evans, G. W., and Honkapohja, S. (1995): "Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models." Econometrica 63: 195-206.
4. _ (1996): "Least Squares Learning with Heterogeneous Expectations." Economics Letters 53: 197-201.
5. _ (1997): "Learning Dynamics." In Handbook of Macroeconomics, vol. I A, edited by J. B. Taylor and M. Woodford. Amsterdam: North-Holland (forthcoming).
6. Franke, R. (1999): "Behavioural Heterogeneity and Genetic Algorithm Learning in the Cobweb Model." Journal of Evolutionary Economics 9 (forthcoming).
7. Friedman, B. M. (1979): "Optimal Expectations and the Extreme Information Assumption of 'Rational Expectations' Macromodels." Journal of Monetary Economics 5: 23-41.
8. Hommes, C., Sonnemans, J., and van de Velden, H. (1998): "Expectation Formation in an Experimental Cobweb Economy." In Market Structure, Aggregation and Heterogeneity, edited by D. Delli Gatti, M. Gallegati, and A. Kirman. Cambridge: Cambridge University Press.