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Author: Seppo Honkapohja

6 results found.

Theoretical Economics Paper

On the Local Stability of Sunspot Equilibria Under Adaptive Learning Rules - (Now published in 'Journal of Economic Theory', vol.64 (1994), pp.142-161.)

George W. Evans and Seppo Honkapohja

We examine local stability under learning of stationary Markov sunspot equilibria (SSEs) in a simply dynamic nonlinear model. Necessary and sufficient conditions for local convergence of a recursive learning algorithm to...Read more...

1992

Theoretical Economics Paper

Adaptive Learning and Expectational Stability: An Introduction - (Now published as Ch.4 in 'Learning Rationality in Economics', A Kirman and M Salmon (eds), 1995, Basil Blackwell, Oxford), pp.102-126.)

George W. Evans and Seppo Honkapohja

Rational expectations as the standard solution concept for dynamic economic models leaves open two fundamental questions: (1) how can RE be attained if agents do not actually begin with RE?, and (2) which RE solution wil...Read more...

1992

Theoretical Economics Paper

Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models - (Now published in 'Econometrica', vol.63 (1995), pp.195-206.)

George W. Evans and Seppo Honkapohja

We examine a recursive algorithm for learning steady states and cycles in stochastic nonlinear models. Necessary and sufficient conditions for local convergence are shown to be equivalent to easily computable expectation...Read more...

1992

Theoretical Economics Paper

On the Preservation of Deterministic Cycles when some Agents Perceive them to be Random Fluctuations (Now published in Journal of Economic Dynamics and Control, vol.17 (1993), pp.705-721.)

George W. Evans, Seppo Honkapohja and Thomas J. Sargent

Theoretical Economics Paper

Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria - (Now published in 'European Economic Review', vol.38 (1994), pp.1071-1098.)

George W. Evans and Seppo Honkapohja

Theoretical Economics Paper

On the Robustness of Bubbles in Linear RE Models (Now published in International Economic Review, vol.33, No.1 (1992), pp.1-14.)

George W. Evans and Seppo Honkapohja