The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Learning to Believe in Sunspots
Open accessAbstract
An adaptive learning rule is exhibited for the Azariadis (1981) overlapping generations model of a monetary economy with multiple equilibria, under which the economy may converge to a stationary sunspot equilibrium, even if agents do not initially believe that outcomes are significantly different in different "sunspot" states. The type of learning rule studied is of the "stochastic approximation" form studied by Robbins and Monro (1951); methods for analyzing the convergence of this form of algorithm are presented that may be of use in many other contexts as well. Conditions are given under which convergence to a sunspot equilibrium occurs with probability one.
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Citations
Cites
A Stochastic Approximation Method
Robbins, H., & Monro, S. (1951) · The Annals of Mathematical Statistics · doi:10.1214/aoms/1177729586 · Cited by 9,643
Metadata
- Authors
- Woodford, M.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1990-03
- Volume
- 58
- Issue
- 2
- Pages
- 277
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W3121435790
- Cited by
- 378
- References
- 1
- FWCI
- 41.68
- Type
- journal article
- Language
- en
- Open access
- green
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- Woodford, M. (1990). Learning to Believe in Sunspots. Econometrica. https://doi.org/10.2307/2938205
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
