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REPLICATOR DYNAMIC LEARNING IN MUTH'S MODEL OF PRICE MOVEMENTS
Published online by Cambridge University Press: 13 September 2012
Abstract
We investigate the stability properties of Muth's model of price movements when agents choose a production level using replicator dynamic learning. It turns out that when there is a discrete set of possible production levels, possible stable states and stability conditions differ between adaptive learning and replicator dynamic learning.
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