We present a decision theoretic framework in which agents are learning about market behavior and that provides … microfoundations for models of adaptive learning. Agents are 'internally rational', i.e., maximize discounted expected utility under … discounted sum of dividends. As a result, learning about price behavior affects market outcomes, while learning about the …

beliefs about price and dividend behavior to deviate slightly from rational expectations priors. Learning about stock price … system of beliefs and other model features. We depart from previous studies of asset prices under learning in that agents …

with experience. We then reject increasing confidence in private information or learning about the structure of the …

innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for … they learnt from buyers (relative to learning from other sources). Second, firms who had learned from buyers (more than … for the learning-by-exporting hypothesis. …