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In their landmark paper , Bray and Savin note that the constant parameters model used by their agents to form expectations is misspecified and that, using standard econometric techniques, agents may be able to determine the time-varying nature of the model's parameters. Here, we consider the same type of model as employed by Bray and Savin except that our agents form expectations using a perceived model with parameters which vary with time. We assume agents use the Kalman filter to formdoi:10.1017/s1365100502010325 fatcat:vh533tpscbdwll3nciokk46oqq