Jouini, Elyès; Napp, Clotilde; Viossat, Yannick - HAL - 2013
analyze beliefs dynamics when beliefs result from a very general learning process that favors beliefs leading to higher … belief choices. The asymptotic beliefs are subjective and heterogeneous across the agents. Optimism (resp. overconfidence) as … between pessimism (resp. doubt) and risk-tolerance. Under reasonable assumptions, beliefs exhibit a pessimistic bias and, as a …