Learning of cycles and sunspot equilibria by Genetic Algorithms |
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Authors: | Herbert Dawid |
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Institution: | (1) Institute of Management Science, University of Vienna, Brünnstrasse 72, A-1210 Vienna, Austria e-mail: herbert.dawid@ univie. ac. at, AT |
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Abstract: | We analyze the learning behaviour of a Simple Genetic Algorithm in an overlapping generations model with one consumption
good and fiat money. It is shown by simulations, that in cases where periodic equilibria exist the equilibrium of period two
is learned by a Genetic Algorithm and not the monetary steady state. We further show that proper coding leads to convergence
of the GA towards the sunspot equilibrium. If individuals who believe in the impact of sunspots are brought together with
individuals who ignore the sunspots, the sunspot believes will in most cases drive the other individuals out of the population. |
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Keywords: | : Overlapping Generations Model Cycles Sunspots Genetic Algorithms |
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