increases the industry profit while reducing social welfare and (iii) any asymmetry-increasing merger is profitable but reduces …

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 …

. 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 …

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