We survey the recent literature on learning in financial markets. Our main theme is that many financial market … uncertain and subject to learning. We discuss phenomena related to the volatility and predictability of asset returns, stock …

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of …

Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately … asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his … mechanisms underlying herding behavior in financial markets …

We study the perfect Bayesian equilibrium of a model of learning over a general social network. Each individual … characterize the conditions under which there will be asymptotic learning -- that is, the conditions under which, as the social … unbounded (meaning that the implied likelihood ratios are unbounded), there will be asymptotic learning as long as there is some …

exploration and lower individual and group payoffs. We test our predictions in an online lab experiment and show that the …

informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study …

they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …