We demonstrate that heat inhibits learning and that school air-conditioning mitigates this effect. Student fixed … heat being particularly damaging. Weekend and summer heat has little impact, suggesting heat directly disrupts learning … simple benefit-cost tests. Without air-conditioning, a 1°F hotter school year reduces that years learning by one percent. Hot …

Recession. I next develop a heterogeneous firm model with Bayesian learning and uncertainty shocks to study the aggregate …'s (1982) model of learning in a setting where each firm gradually learns about its own productivity, and each occasionally … experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower …

demand. The former learning effect, combined with the latter real-options effect, adversely affect firms’ entry decisions and …

We demonstrate that heat inhibits learning and that school air-conditioning mitigates this effect. Student fixed … heat being particularly damaging. Weekend and summer heat has little impact, suggesting heat directly disrupts learning … simple benefit-cost tests. Without air-conditioning, a 1°F hotter school year reduces that years learning by one percent. Hot …