651 research outputs found
On Market Dependencies of Agents' Learning for a Hyperinflation Model
This paper discusses an economic model for hyperinflation considered by Marcet and Sargent. The model describes the relation between the current price level, the money supply, and the agents' forecasting of the future price. The agents' learning is described by an ARMA-model which is fitted to the available series of old prices. It is shown that the agents' learning rate depends upon the inertia of the market, and an implicit formula is given for this dependence. A generalization of the hyperinflation model is also discussed
Convergence Rates of Agents' Learning in Macroeconomic Models
This paper discusses agents' learning on a market. The price level evolves through a multivariable autoregressive model, which the agents learn in a least-squares sense. A theorem is stated that shows how the agents' learning might be divided into two classes with respect to the learning convergence rate. The results are exemplified by the well-known hyperinflation model. Further, for the hyperinflation model some interesting features concerning the "coupling" between the price and the learning dynamics are discussed. An explicit expression is derived for how the rate of the agents' learning depends upon this coupling
String stability and a delay-based spacing policy for vehicle platoons subject to disturbances
A novel delay-based spacing policy for the control of vehicle platoons is
introduced together with a notion of disturbance string stability. The
delay-based spacing policy specifies the desired inter-vehicular distance
between vehicles and guarantees that all vehicles track the same spatially
varying reference velocity profile, as is for example required for heavy-duty
vehicles driving over hilly terrain. Disturbance string stability is a notion
of string stability of vehicle platoons subject to external disturbances on all
vehicles that guarantees that perturbations do not grow unbounded as they
propagate through the platoon. Specifically, a control design approach in the
spatial domain is presented that achieves tracking of the desired spacing
policy and guarantees disturbance string stability with respect to a spatially
varying reference velocity. The results are illustrated by means of
simulations.Comment: 15 pages, 10 figure
- …