Charles Pugh

Federico Echenique

I Also Thank Robert Anderson

Juan Dubra

López Córdova

Marcelo Moreira

Matthew Rabin

Miguel Villas-boas

Néstor G

Tarun Sabarwal

English

Echenique, Federico

Caltech Authors - Main

Comparative Statics by Adaptive Dynamics and the Correspondence Principle

This paper formalizes the relation between comparative statics and the out-of-equilibrium  explanation for how a system evolves after a change in parameters. The paper has two main  results. First, an increase in an exogenous parameter sets o# learning dynamics that involve  larger values of the endogenous variables. Second, equilibrium selections that are not monotone  increasing in the exogenous variables must be predicting unstable equilibria. Moreover,  under some conditions monotone comparative statics and stability are equivalent

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Comparative Statics by Adaptive Dynamics and The Correspondence Principle

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http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.9.6326

Comparative Statics by Adaptive Dynamics and the Correspondence Principle

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