Please use this identifier to cite or link to this item:
https://doi.org/10.48548/pubdata-1276
| Resource type | Working Paper |
| Title(s) | E-stability and stability of adaptive learning in models of asymetric information |
| DOI | 10.48548/pubdata-1276 |
| Handle | 20.500.14123/1339 |
| Creator | Heinemann, Maik |
| Abstract | The paper demonstrates how the E–stability principle introduced by Evans and Honkapohja can be applied to models with heterogeneous and private information in order to assess the stability of rational expectations equilibria under learning. The paper extends already known stability results for the Grossman and Stiglitz model to a more general case with many differentially informed agents and to the case where information is endogenously acquired by optimizing agents. In both cases it turns out that the rational expectations equilibrium of the model is inherently E-stable and thus locally stable under recursive least squares learning. |
| Language | English |
| Keywords | Learning; Eductive Stability; Rational Expectations; Lernen; Erwartung; Stabilität |
| Year of publication in PubData | 2007 |
| Publishing type | First publication |
| Publication version | Published version |
| Date issued | 2007-12-21 |
| Creation context | Research |
| Published by | Medien- und Informationszentrum, Leuphana Universität Lüneburg |
| Related resources |
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| File | Size | Format | |
|---|---|---|---|
wp_69_Upload.pdf License: Nutzung nach Urheberrecht open-access | 808.75 kB | Adobe PDF | View/Open |
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