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Export Reference (APA) 
Gomes, O. (2009). Adaptive learning and complex dynamics. Chaos, Solitons and Fractals. 42 (2), 1206-1213
Export Reference (IEEE) 
O. M. Gomes,  "Adaptive learning and complex dynamics", in Chaos, Solitons and Fractals, vol. 42, no. 2, pp. 1206-1213, 2009
Export BibTeX 
@article{gomes2009_1715943774259,
	author = "Gomes, O.",
	title = "Adaptive learning and complex dynamics",
	journal = "Chaos, Solitons and Fractals",
	year = "2009",
	volume = "42",
	number = "2",
	doi = "10.1016/j.chaos.2009.03.077",
	pages = "1206-1213",
	url = "http://www.sciencedirect.com/science/article/pii/S0960077909001994"
}
Export RIS 
TY  - JOUR
TI  - Adaptive learning and complex dynamics
T2  - Chaos, Solitons and Fractals
VL  - 42
IS  - 2
AU  - Gomes, O.
PY  - 2009
SP  - 1206-1213
SN  - 0960-0779
DO  - 10.1016/j.chaos.2009.03.077
UR  - http://www.sciencedirect.com/science/article/pii/S0960077909001994
AB  - In this paper, we explore the dynamic properties of a group of simple deterministic difference equation systems in which the conventional perfect foresight assumption gives place to a mechanism of adaptive learning. These systems have a common feature: under perfect foresight (or rational expectations) they all possess a unique fixed point steady-state. This long term outcome is obtained also under learning if the quality underlying the learning process is high. Otherwise, when the innefficiency of the learning process is relatively strong, nonlinear dynamics (periodic and aperiodic cycles) arise. The specific properties of each one of the proposed systems is explored both in terms of local and global dynamics. Two macroeconomic models are used to illustrate how the formation of expectations through learning may eventually lead to awkward long term outcomes.
ER  -