Analyse & Kritik

Journal of Philosophy and Social Theory


"Jochen Jungeilges"

Titel: On Chaotic Consistent Expectations Equilibria
Autor: Jochen Jungeilges
Seite: 269-289

Abstract: The notion of consistent expectations equilibria (CEE) as propagated by Hommes/Sorger (1998) is reviewed. Focusing on their example of a chaotic CEE constructed in the context of a cobweb model, it is argued that such an equilibrium is a temporary one. Assuming that an agent modeled as an individual, versatile in applying the basic tools of linear time-series econometrics has learned the CEE, I analyze the duration of the time period over which the agent maintains her/his beliefs concerning the perceived law of motion (AR(1)). The analysis based on numerical simulations indicates that the use of techniques rooted in the linear paradigm is sufficient to generate convincing evidence against the underlying perceived law of motion.

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Perspectives on Social Choice
2007 (29) Heft 2
Guest-Editor: Marlies Ahlert

Introduction and Overview

This volume of Analyse & Kritik approaches social choice from different angles. Each of the papers thematically has some relation with the work of Wulf Gaertner. This provides some topical unity to the volume. However, other than in case of a typical Festschrift the refereed papers are in all other regards independent contributions to the field of social choice as very widely understood. Methods reach from axiomatic analyses over experiments to simulations and from t...

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