This paper analyzes a stochastic model of evolution in normal form games. The long-run behavior of individuals in this … population sizes, tend to infinity. It is shown that weakly dominated strategies do not survive evolution. Also strategies which … disappear in the long-run. Furthermore it is shown that if evolution leads to a unique prediction this prediction must be …

the information and learning dynamics between the Federal Reserve and a representative investor. Stock prices react to …

investors’ portfolio performance. In addition, we find that learning behavior varies across investors, which corroborates the …

methodology to distinguish between these two explanations. The methodology rests on the learning-by-doing and the changes in the …

. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents - i.e. the central bank …. Here following Evans and Honkapohja (2001), the learning scheme we investigate is that of least-squares learning (recursive … OLS) using the Kalman filter. We find that optimal monetary policy under learning is a policy that separates estimation …

In this paper we experimentally investigate decentralized, organizational learning. The main objective is to understand … how learning members of an organization cope with the confounding effects of the simultaneous learning of others. We use … versions of a simple "success-or-failure" game due to Blume and Franco [2003] as our stylized model of organizational learning …

private agents' learning process, determines the speed at which the economy converges to the rational expectation equilibrium … convergence. I assess the relevance of the transition period from the learning to the rational expectations equilibrium when …

account of structural aspects implied by the learning process. In the most general specification, earnings residuals have a … structures, including the martingale hypothesis implied by the learning process. I find considerable support for the matching …