Bottazzi, Giulio; Giachini, Daniele; Ottaviani, Matteo - 2023
misspecified models. Under model misspecification, standard Bayesian learning loses its formal justification and biased learning … processes may provide a selection advantage. However, considering two cases of model misspecification and four learning … processes, our analysis reveals a general difficulty in ranking learning behaviors with respect to their long-run performances …