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[1] A literature that studies whether models populated with agents\n", "who learn can converge to rational expectations equilibria features\n", "iterations on a modification of the mapping $ \\Phi $ that can be\n", "approximated as $ \\gamma \\Phi + (1-\\gamma)I $. Here $ I $ is the\n", "identity operator and $ \\gamma \\in (0,1) $ is a *relaxation parameter*.\n", "See [[MS89]](../zreferences.html#marcetsargent1989) and [[EH01]](../zreferences.html#evanshonkapohja2001) for statements\n", "and applications of this approach to establish conditions under which\n", "collections of adaptive agents who use least squares learning converge to a\n", "rational expectations equilibrium." ] } ], "metadata": { "date": 1591310625.988528, "download_nb": 1, "download_nb_path": "https://julia.quantecon.org/", "filename": "rational_expectations.rst", "filename_with_path": "multi_agent_models/rational_expectations", "kernelspec": { "display_name": "Julia 1.4.2", "language": "julia", "name": "julia-1.4" }, "language_info": { "file_extension": ".jl", "mimetype": "application/julia", "name": "julia", "version": "1.4.2" }, "title": "Rational Expectations Equilibrium" }, "nbformat": 4, "nbformat_minor": 2 }