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Orlando Gomes
''Local Learning Dynamics''
( 2008, Vol. 3 No.57 )
The paper undertakes a detailed characterization of the local dynamic properties of three simple deterministic models involving expectations. The expectations are formed under an adaptive learning process. Allowing for different degrees of learning quality, the analysis reveals the existence of a large variety of possible long term outcomes: in some scenarios, stability and instability are independent of the learning quality in other circumstances, some minimal requirement on learning efficiency is necessary to attain stability in some settings, it is even possible that high quality learning may prevent attaining the stable outcome that otherwise is accomplished.
JEL: C6 - Mathematical Methods and Programming: General
Manuscript Received : Aug 15 2008 Manuscript Accepted : Sep 16 2008

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