Ergodic chaos, learning and sunspot equilibrium

B-Tier
Journal: Economic Theory
Year: 2000
Volume: 15
Issue: 1
Pages: 163-184

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

In this paper we construct sunspot equilibria that arise from chaotic deterministic dynamics. These equilibria are stationary and have absolutely continuous stationary measures. We prove that they can be learned by a simple rule based on the histograms of past state variables. This work gives a theoretical justification for complex deterministic models that might compete with stochastic models to explain real data. Also we prove the stochastic stability of the indeterminate equilibrium.

Technical Details

RePEc Handle
repec:spr:joecth:v:15:y:2000:i:1:p:163-184
Journal Field
Theory
Author Count
2
Added to Database
2026-01-24