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Are sunspots learnable? An experimental investigation in a simple macroeconomic model
Item metadata
dc.contributor.author | Arifovic, Jasmina | |
dc.contributor.author | Evans, George | |
dc.contributor.author | Kostyshyna, Olena | |
dc.date.accessioned | 2021-10-09T23:44:20Z | |
dc.date.available | 2021-10-09T23:44:20Z | |
dc.date.issued | 2019-10-10 | |
dc.identifier | 261860825 | |
dc.identifier | a8f0b92f-de6e-4d99-a3ec-31ad187975a5 | |
dc.identifier | 85076615384 | |
dc.identifier | 000510974500010 | |
dc.identifier.citation | Arifovic , J , Evans , G & Kostyshyna , O 2019 , ' Are sunspots learnable? An experimental investigation in a simple macroeconomic model ' , Journal of Economic Dynamics and Control , vol. In press . https://doi.org/10.1016/j.jedc.2019.103775 | en |
dc.identifier.issn | 0165-1889 | |
dc.identifier.other | RIS: urn:C97DCC323AA7AE7A304E04A3945CA994 | |
dc.identifier.uri | https://hdl.handle.net/10023/24102 | |
dc.description.abstract | We conduct experiments with human subjects in a model with a positive production externality in which productivity is a nondecreasing function of the average level of employment of other firms. The model has three steady states and a sunspot equilibrium that fluctuates between the high and low steady states. Steady states are payoff ranked: low values give lower profits than higher values. We investigate whether subjects can learn a sunspot equilibrium. We observe coordination on the extrinsic announcements in our experimental economies. Cases of apparent convergence to the low and high steady states are also observed. | |
dc.format.extent | 1015120 | |
dc.language.iso | eng | |
dc.relation.ispartof | Journal of Economic Dynamics and Control | en |
dc.subject | Sunspots | en |
dc.subject | Learning | en |
dc.subject | Experiments with human subjects | en |
dc.subject | HB Economic Theory | en |
dc.subject | HG Finance | en |
dc.subject | NDAS | en |
dc.subject.lcc | HB | en |
dc.subject.lcc | HG | en |
dc.title | Are sunspots learnable? An experimental investigation in a simple macroeconomic model | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | https://doi.org/10.1016/j.jedc.2019.103775 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2021-10-10 |
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