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dc.rights.licenseopenen_US
dc.contributor.authorSALLE, Isabelle
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorYILDIZOGLU, Murat
IDREF: 074218018
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorSENEGAS, Marc Alexandre
IDREF: 05019125X
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorZUMPE, Martin
IDREF: 120199947
dc.date.accessioned2020-02-20T10:27:23Z
dc.date.available2020-02-20T10:27:23Z
dc.date.issued2014
dc.identifier.issn13651005en_US
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/3627
dc.description.abstractEnThis article questions the rather pessimistic conclusions of Allen and Carroll [Macroeconomic Dynamics 5 (2001), 255-271] about the ability of consumers to learn the optimal buffer-stock-based consumption rule. To this end, we develop an agent-based model in which alternative learning schemes can be compared in terms of the consumption behavior that they yield. We show that neither purely adaptive learning nor social learning based on imitation can ensure satisfactory consumption behavior. In contrast, if the agents can form adaptive expectations, based on an evolving individual mental model, their behavior becomes much more interesting in terms of its regularity and its ability to improve performance (which is a clear manifestation of learning). Our results indicate that assumptions on bounded rationality and on adaptive expectations are perfectly compatible with sound and realistic economic behavior, which, in some cases, can even converge to the optimal solution. This framework may therefore be used to develop macroeconomic models with adaptive dynamics.
dc.language.isoENen_US
dc.subject.enExpectations
dc.subject.enAdaptive Behavior
dc.subject.enComputational Economics
dc.subject.enConsumption Decisions
dc.subject.enLearning
dc.titleLearning the optimal buffer-stock consumption rule of Carroll
dc.title.alternativeMacroecon. Dyn.en_US
dc.typeArticle de revueen_US
dc.identifier.doi10.1017/S1365100512000582en_US
dc.subject.halÉconomie et finance quantitative [q-fin]en_US
bordeaux.journalMacroeconomic Dynamicsen_US
bordeaux.page727-752en_US
bordeaux.volume18en_US
bordeaux.hal.laboratoriesGroupe de Recherche en Economie Théorique et Appliquée (GREThA) - UMR 5113en_US
bordeaux.issue4en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
hal.identifierhal-03026536
hal.version1
hal.date.transferred2020-11-26T16:01:52Z
hal.exporttrue
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