eprintid: 4139
rev_number: 18
eprint_status: archive
userid: 351
dir: disk0/00/00/41/39
datestamp: 2016-01-15 02:04:16
lastmod: 2021-08-27 17:14:51
status_changed: 2016-01-15 02:04:16
type: monograph
metadata_visibility: show
item_issues_count: 2
creators_name: Johansson, K.H.
title: Convergence Rates of Agents' Learning in Macroeconomic Models
ispublished: pub
internal_subjects: iis_ecn
internal_subjects: iis_met
internal_subjects: iis_mod
internal_subjects: iis_sys
divisions: prog_ted
abstract: This paper discusses agents' learning on a market. The price level evolves through a multivariable autoregressive model, which the agents learn in a least-squares sense. A theorem is stated that shows how the agents' learning might be divided into two classes with respect to the learning convergence rate. The results are exemplified by the well-known hyperinflation model. Further, for the hyperinflation model some interesting features concerning the "coupling" between the price and the learning dynamics are discussed. An explicit expression is derived for how the rate of the agents' learning depends upon this coupling.
date: 1994-08
date_type: published
publisher: WP-94-072
iiasapubid: WP-94-072
price: 10
full_text_status: public
monograph_type: working_paper
place_of_pub: IIASA, Laxenburg, Austria
pages: 21
coversheets_dirty: FALSE
fp7_type: info:eu-repo/semantics/book
citation:   Johansson, K.H.  (1994).  Convergence Rates of Agents' Learning in Macroeconomic Models.   IIASA Working Paper. IIASA, Laxenburg, Austria: WP-94-072     
document_url: https://pure.iiasa.ac.at/id/eprint/4139/1/WP-94-072.pdf