behavioral learning equilibria as a plausible explanation of coordination of individual expectations and aggregate phenomena such …. The simplicity of behavioral learning equilibria makes coordination of individual expectations on such an aggregate … outcome more likely. In a first application, an asset pricing model with AR(1) dividends, a unique behavioral learning …

parameters in a stylised macroeconomic model in which agents are boundedly rational and use an adaptive learning rule to form … expectations of the endogenous variable. In particular, when the learning recursion is subject to so-called decreasing gain …

successfully but nevertheless lost public support, and vice versa. We show that learning dynamics can rationalize this apparent … identity (reform winner or loser?) more pessimistic about their chances of benefiting from the reform. Consequently, learning …