Learning to predict rationally when beliefs are heterogeneous

Article Abstract:

The adaptive learning in a financing market with heterogeneous traders is analyzed and is shown that the good forecasts hinge essentially on good estimates of the demand behavior of market participants. The conditions under which trajectories are generated by the adaptive learning scheme converge to trajectories with rational expectations for fundamentalists are given.

Market development

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Path-dependence in a Ramsey model with resource amenities and limited regeneration

Article Abstract:

The dynamics of a Ramsey model is described, this model includes renewable resources with amenity value and limited regeneration capacity. In dynamic models the property of path-dependency extends beyond the Ramsey model and is related to the non-uniqueness of steady states.

Usage, Economics, Economic theory, Ramsey theory

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