Directory UMM :Data Elmu:jurnal:J-a:Journal Of Economic Dynamics And Control:Vol25.Issue5.Apr2001:
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This model tries to combine both a well de " ned economic structure in the market trading mechanisms, along with inductive learning using a classi " er- based system..
Using the BDS and the NEGM tests, and 15-s, 1-min and 5-min returns (from September 1 to November 30, 1991), they reject the hypothesis of independence in favor of a nonlinear
Bifurcation diagrams plotting long-run behavior versus intensity of choice b for (a) constant beliefs about conditional variances of returns, (b) time varying beliefs about
The empirical results indicate the presence of heterogeneous price expectations, with a signi"cant number of market participants neglecting information about the existence of a
In Section 5.4 we have seen that when the symmetric equilibrium price vector of a ta ( tonnement process with both a re # ectional and a rotational symmetry loses stability
In a pure exchange overlapping generations model we obtain that to have a cycle and a chaotic dynamics under bounded rationality learning we need a coe $ cient of risk aversion for
portfolio holdings constitutes a su $ cient minimal state space and that there exists a continuous policy function f as well as a function g mapping last period ' s portfolio
for every initial resource stock a critical level of debt, below which debt may be steered to zero but above which debt tends to in " nity, no matter how the rate of extraction
