Aggregate substitution effects implying global stability

Article Abstract:

A new technique is used to demonstrate that the standard conditions used to gain global stability of tatonnement are influenced only by aggregate substitution effects. Assumptions regarding the total price-effect matrix affect stability only in relation to what they imply for the substitution matrix.

Substitution (Economics)

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Convergence of least squares learning in self-referential discontinuous stochastic models

Article Abstract:

An investigation of dynamic models with discontinuous decision rules has been used to assess whether a decision maker can learn the equilibrium of the model. It was found that each agent learns the unknown parameters through a recursive stochastic algorithm.

Least squares, Functions, Discontinuous, Discontinuous functions

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