Is error learning behaviour stabilizing? |
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Authors: | Grard Fuchs |
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Institution: | Laboratoire d''Économetrie, École Polytechnique, 75230 Paris, Cedex 05, France |
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Abstract: | It is very commonly admitted that error-learning behaviour in general improves the stability of dynamical economic evolutions. We show here, in the context of Temporary General Equilibrium Theory, that such an intuition is not true, in the sense that “most often,” for a large class of models, learning does not assuredly leads to more stable dynamics. The presentation of the problem then allows for a discussion of the type of hypothesis—very high levels of information or very careful behaviours—which can invalidate such a conclusion. |
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