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Learning in Economic Systems with Expectations Feedback

  • Jan Wenzelburger

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 555)

Table of contents

About this book

Introduction

Recently economists have more and more focussed on scenarios in which agents' views of the world may be erroneous.

These notes introduce the concept of perfect forecasting rules which provide best least-squares predictions along the evolution of an economic system.

The framework for nonparametric adaptive learning schemes is developed and it is argued that plausible learning schemes should aim at estimating a perfect forecasting rule taking into account the correct feedback structure of an economy.

A link is provided between the traditional rational-expectations view and recent behavioristic approaches.

Keywords

Adaptive Learning Agent-based Models Financial Markets Forecasting Heterogenous Expectations Macroeconomics Nonparametric Estimation agents

Authors and affiliations

  • Jan Wenzelburger
    • 1
  1. 1.Department of Business Administration and EconomicsBielefeld UniversityBielefeldGermany

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-540-38050-4
  • Copyright Information Springer-Verlag Berlin Heidelberg 2006
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-540-24322-9
  • Online ISBN 978-3-540-38050-4
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site