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E-stability and stability of adaptive learning in models with asymmetric information

Research output: Working paper › Working papers

Standard

E-stability and stability of adaptive learning in models with asymmetric information. / Heinemann, Maik.
Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg, 2007. (Working paper series in economics; No. 69).

Research output: Working paper › Working papers

Harvard

Heinemann, M 2007 'E-stability and stability of adaptive learning in models with asymmetric information' Working paper series in economics, no. 69, Institut für Volkswirtschaftslehre der Universität Lüneburg, Lüneburg.

APA

Heinemann, M. (2007). E-stability and stability of adaptive learning in models with asymmetric information. (Working paper series in economics; No. 69). Institut für Volkswirtschaftslehre der Universität Lüneburg.

Vancouver

Heinemann M. E-stability and stability of adaptive learning in models with asymmetric information. Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg. 2007. (Working paper series in economics; 69).

Bibtex

@techreport{2cea8e7014a94f15b311a38c8682bf75,
title = "E-stability and stability of adaptive learning in models with asymmetric information",
abstract = "The paper demonstrates how the E–stability principle introduced by Evans and Honkapohja [2001] 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 [1980] 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.",
keywords = "Economics, adaptive learning, eductive stability, rational expectations",
author = "Maik Heinemann",
year = "2007",
language = "English",
series = "Working paper series in economics",
publisher = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",
number = "69",
type = "WorkingPaper",
institution = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

}

RIS

TY - UNPB

T1 - E-stability and stability of adaptive learning in models with asymmetric information

AU - Heinemann, Maik

PY - 2007

Y1 - 2007

N2 - The paper demonstrates how the E–stability principle introduced by Evans and Honkapohja [2001] 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 [1980] 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.

AB - The paper demonstrates how the E–stability principle introduced by Evans and Honkapohja [2001] 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 [1980] 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.

KW - Economics

KW - adaptive learning

KW - eductive stability

KW - rational expectations

M3 - Working papers

T3 - Working paper series in economics

BT - E-stability and stability of adaptive learning in models with asymmetric information

PB - Institut für Volkswirtschaftslehre der Universität Lüneburg

CY - Lüneburg

ER -

Other publications by the same author(s)

Anmerkungen zur Krise und zur Krisenbewältigung durch die Wirtschaftspolitik

Heinemann, M., 2011, Mit der Krise leben?: Europäische Konflikte, innergesellschaftliche Verwerfungen, Perspektiven. Hannover: Offizin-Verlag, p. 45-62 15 p. (Kritische Interventionen; vol. 12).

Research output: Contributions to collected editions/works › Contributions to collected editions/anthologies › Research › peer-review

Convergence of adaptive learning and expectational stability: The case of multiple rational-expectations equilibria

Heinemann, M., 01.09.2000, In: Macroeconomic Dynamics. 4, 3, p. 263-288 26 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Indeterminierte Gleichgewichte und Sunspots in dynamischen makroökonomischen Modellen

Heinemann, M., 2003, In: Jahrbuch für Wirtschaftswissenschaften. 53, 3, p. 315-340 26 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Ist die empirische Makroökonomik eine wissenschaftliche Illusion?

Heinemann, M., Haslinger, F. & Breitung, J., 1993, Die ökonomische Wissenschaft und ihr Betrieb. Frankfurt/New York: Campus Verlag, p. 150-203 54 p. (Ökonomie und Gesellschaft; vol. 10).

Research output: Contributions to collected editions/works › Contributions to collected editions/anthologies › Research

Künstliche Experimente und Konjunkturforschung: Eine exemplarische Betrachtung des wissenschaftlichen Erkenntnisfortschritts

Heinemann, M., 1996, Experiments in Economics - Experimente in der Ökonomie. Frankfurt/New York: Campus Verlag, p. 273-295 23 p. (Ökonomie und Gesellschaft : Jahrbuch; vol. 13).

Research output: Contributions to collected editions/works › Contributions to collected editions/anthologies › Research

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