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In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development.
The efficient coding hypothesis posits that sensory systems of animals strive to encode sensory signals efficiently by taking into account the redundancies in them. This principle has been very successful in explaining response properties of visual sensory neurons as adaptations to the statistics of natural images. Recently, we have begun to extend the efficient coding hypothesis to active perception through a form of intrinsically motivated learning: a sensory model learns an efficient code for the sensory signals while a reinforcement learner generates movements of the sense organs to improve the encoding of the signals. To this end, it receives an intrinsically generated reinforcement signal indicating how well the sensory model encodes the data. This approach has been tested in the context of binocular vison, leading to the autonomous development of disparity tuning and vergence control. Here we systematically investigate the robustness of the new approach in the context of a binocular vision system implemented on a robot. Robustness is an important aspect that reflects the ability of the system to deal with unmodeled disturbances or events, such as insults to the system that displace the stereo cameras. To demonstrate the robustness of our method and its ability to self-calibrate, we introduce various perturbations and test if and how the system recovers from them. We find that (1) the system can fully recover from a perturbation that can be compensated through the system's motor degrees of freedom, (2) performance degrades gracefully if the system cannot use its motor degrees of freedom to compensate for the perturbation, and (3) recovery from a perturbation is improved if both the sensory encoding and the behavior policy can adapt to the perturbation. Overall, this work demonstrates that our intrinsically motivated learning approach for efficient coding in active perception gives rise to a self-calibrating perceptual system of high robustness.