IS MORE MEMORY IN EVOLUTIONARY SELECTION (DE)STABILIZING?
2011 ◽
Vol 16
(3)
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pp. 335-357
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Keyword(s):
We investigate the effects of memory on the stability of evolutionary selection dynamics based on a multinomial logit model in a simple asset pricing model with heterogeneous beliefs. Whether memory is stabilizing or destabilizing depends in general on three key factors: (1) whether or not the weights on past observations are normalized; (2) the ecology or composition of forecasting rules, in particular the average trend extrapolation factor and the spread or diversity in biased forecasts; and (3) whether or not costs for information gathering of economic fundamentals have to be incurred.
2011 ◽
Vol 2011
◽
pp. 1-12
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1998 ◽
Vol 22
(8-9)
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pp. 1235-1274
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Keyword(s):
2007 ◽
Vol 31
(4)
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pp. 1300-1325
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Keyword(s):
2016 ◽
Vol 45
◽
pp. 298-315
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Keyword(s):
2017 ◽
Vol 256
(1)
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pp. 24-34
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2011 ◽
Vol 35
(1)
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pp. 131-147
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