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- W3125220971 abstract "We investigate the effects of memory on the stability of evolutionary selection dynamics based on a multi-nomial logit model in a simple asset pricing model with heterogeneous beliefs. Whether memory is stabilizing or destabilizing depends in general on three key factors: (1) whether or not the weights on past observations are normalized; (2) the ecology or composition of forecasting rules, in particular the average trend extrapolation factor and the spread or diversity in biased forecasts, and (3) whether or not costs for information gathering of economic fundamentals have to be incurred." @default.
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- W3125220971 date "2010-04-21" @default.
- W3125220971 modified "2023-09-23" @default.
- W3125220971 title "Is More Memory in Evolutionary Selection (De)Stabilizing" @default.
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