Learning Rational Expectations under Computability Constraints¶
Spear, S. E. (1989). Learning Rational Expectations under Computability Constraints. Econometrica, 57(4), 889-910.
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Primes¶
- Computability
- and whether some dynamical systems exhibit particular long-run behaviour may be as well. Economics and decision theory. The existence of a procedurally computable equilibrium is bounded by computability constraints, and some rational-expectations equilibria can be uncomputable.
This sourceShows that when equilibrium price functions are required to be computable, a version of Gödel's incompleteness theorem implies rational-expectations equilibria cannot in general be learned — establishing that procedurally computable equilibria are bounded by computability constraints and some are uncomputable.
- and whether some dynamical systems exhibit particular long-run behaviour may be as well. Economics and decision theory. The existence of a procedurally computable equilibrium is bounded by computability constraints, and some rational-expectations equilibria can be uncomputable.
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