infinite-horizon learning, and subjective expectations with Euler-equation learning. Under rational expectations, the model … necessitates of large, possibly unrealistically so, degrees of myopia. The same result persists under infinite-horizon learning …, given that agents are still remarkably far-sighted. But, under Euler-equation learning, the model can fit the data with only …

We designed four observational learning experiments to identify the key channels that, along with Bayes …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results …

endogenously influence whether learning occurs through its policy choices (policy experimentation), future political competition … that all incumbents can find it optimal to ‘over experiment’, relative to a counter-factual in which they are sure to be in …

trembling-hand perfect equilibrium under selfish preferences even towards the end of our experiment. The likely reasons for our … findings are strategic uncertainty and incomplete learning. …

How can naiveté about present bias persist despite experience? To answer this question, our experiment investigates … the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …

study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills … losses from high bids are more salient than in SPAs. Experience in FPAs causes substantial cross-game learning for … bid shading by cognitively more able participants, resulting in lower profits in FPAs. Thus, cross-game learning has the …

-term relationships were more resilient in the 2008/9 financial crisis. Based on these findings, we present a model of importer learning …

We report two information cascade game experiments that directly test the impact of altruism on observational learning … substantial public information which increases the earnings of participants. In Experiment 2, participants have better … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning. …

We conduct a randomized field experiment to study the effects of two financial education interventions offered to small …-scale retailers in rural western Uganda. The treatments contrast "active learning" with traditional "lecturing" within standardized … lesson-plans. After six months, active learning has a positive effect on savings and investment outcomes, in contrast to …