We explore model misspecification in an observational learning framework. Individuals learn from private and public … develop a simple criterion to identify the asymptotic learning outcomes that arise when misspecification is more severe …. Depending on the nature of the misspecification, learning may be correct, incorrect or beliefs may not converge. Different types …

the views of their neighbors (even though the neighbors' views may be quite inaccurate). This non-Bayesian learning rule …

We develop a dynamic model of opinion formation in social networks when the information required for learning a payoff … though the neighbors’ views may be quite inaccurate). This non-Bayesian learning rule is motivated by the formidable …

investigate this phenomenon in an equilibrium model of social learning with heterogeneous consumers and firms that act …. Follow-on sales induce firms to give preferential treatment to these lead consumers, which reinforces their learning …

We develop a model of social learning from complementary information: Short-lived agents sequentially choose from a … cases: (1) efficient information aggregation, where the community eventually learns as fast as possible; (2) "learning traps …

This paper develops a general framework to study how misinterpreting information impacts learning. Our main result is a … characterization in the context of social learning, then highlight how it applies to other learning environments, including individual … learning. A key contribution is that our characterization applies to settings with model heterogeneity and provides conditions …

dependent over time. We present a counterexample showing that even extremely simple time dependence can preclude common learning …, and present sufficient conditions for common learning …