Adaptive learning and complex dynamics
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/10486 |
Resumo: | In this paper, we explore the dynamic properties of a group of simple deterministic difference equation systems in which the conventional perfect foresight assumption gives place to a mechanism of adaptive learning. These systems have a common feature: under perfect foresight (or rational expectations) they all possess a unique fixed point steady-state. This long term outcome is obtained also under learning if the quality underlying the learning process is high. Otherwise, when the innefficiency of the learning process is relatively strong, nonlinear dynamics (periodic and aperiodic cycles) arise. The specific properties of each one of the proposed systems is explored both in terms of local and global dynamics. Two macroeconomic models are used to illustrate how the formation of expectations through learning may eventually lead to awkward long term outcomes. |
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Adaptive learning and complex dynamicsIn this paper, we explore the dynamic properties of a group of simple deterministic difference equation systems in which the conventional perfect foresight assumption gives place to a mechanism of adaptive learning. These systems have a common feature: under perfect foresight (or rational expectations) they all possess a unique fixed point steady-state. This long term outcome is obtained also under learning if the quality underlying the learning process is high. Otherwise, when the innefficiency of the learning process is relatively strong, nonlinear dynamics (periodic and aperiodic cycles) arise. The specific properties of each one of the proposed systems is explored both in terms of local and global dynamics. Two macroeconomic models are used to illustrate how the formation of expectations through learning may eventually lead to awkward long term outcomes.Elsevier2015-12-23T15:13:22Z2009-01-01T00:00:00Z20092019-03-26T18:32:38Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/10486eng0960-077910.1016/j.chaos.2009.03.077Gomes, O.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:41:59Zoai:repositorio.iscte-iul.pt:10071/10486Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:19:35.142946Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Adaptive learning and complex dynamics |
title |
Adaptive learning and complex dynamics |
spellingShingle |
Adaptive learning and complex dynamics Gomes, O. |
title_short |
Adaptive learning and complex dynamics |
title_full |
Adaptive learning and complex dynamics |
title_fullStr |
Adaptive learning and complex dynamics |
title_full_unstemmed |
Adaptive learning and complex dynamics |
title_sort |
Adaptive learning and complex dynamics |
author |
Gomes, O. |
author_facet |
Gomes, O. |
author_role |
author |
dc.contributor.author.fl_str_mv |
Gomes, O. |
description |
In this paper, we explore the dynamic properties of a group of simple deterministic difference equation systems in which the conventional perfect foresight assumption gives place to a mechanism of adaptive learning. These systems have a common feature: under perfect foresight (or rational expectations) they all possess a unique fixed point steady-state. This long term outcome is obtained also under learning if the quality underlying the learning process is high. Otherwise, when the innefficiency of the learning process is relatively strong, nonlinear dynamics (periodic and aperiodic cycles) arise. The specific properties of each one of the proposed systems is explored both in terms of local and global dynamics. Two macroeconomic models are used to illustrate how the formation of expectations through learning may eventually lead to awkward long term outcomes. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-01-01T00:00:00Z 2009 2015-12-23T15:13:22Z 2019-03-26T18:32:38Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/10486 |
url |
http://hdl.handle.net/10071/10486 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0960-0779 10.1016/j.chaos.2009.03.077 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799134755938107392 |