Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning |
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Authors: | George W Evans Seppo Honkapohja |
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Institution: | (1) Department of Economics, University of Oregon, Eugene, OR 97403-1285, USA, US;(2) Department of Economics, University of Helsinki, P.O.Box 54,FIN-00014 University of Helsinki, FINLAND (e-mail: seppo.honkapohja@helsinki.fi), FI |
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Abstract: | Summary. We provide conditions for local stability and instability of an equilibrium point in certain systems of nonautonomous nonstochastic
difference equations. In the systems under study the influence of time is present through a positive scalar “gain” parameter
which converges in the limit to zero. These systems have recently been used to study the dynamics of adaptive learning in
economic models, and we provide two economic illustrations of the formal results.
Received: October 7, 1997; revised version: February 8, 1999 |
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Keywords: | and Phrases: Learning Stability Instability Rational expectations |
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