Temporary equilibrium dynamics with Bayesian learning
成果类型：
Article
署名作者：
Chatterji, S
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1088
发表日期：
1995
页码：
590-598
关键词：
摘要：
This paper examines the stability of deterministic steady states in a class of economies where the state variable is one dimensional and where agents use Bayesian techniques to form expectations. The dynamics with learning are locally convergent if the prior mean is close to a stable perfect-foresight root having modulus less than 1 and if the prior beliefs are held with enough confidence. The dynamics are, however, divergent if the prior mean or the variance of the prior distribution is sufficiently Large. (C) 1995 Academic Press, Inc.