numerous documented violations of classical economic theory. We also propose promising new directions for future research …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …

We report two information cascade game experiments that directly test the impact of altruism on observational learning … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning. …

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

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 …

The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … sentiment, defined as the degrees of excess optimism and pessimism that cannot be justified by the near-rational learning model …

We designed four observational learning experiments to identify the key channels that, along with Bayes … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

neighbours’ experiences. In contrast to the existing work on policy learning, we focus on learning in the presence of (fiscal …) externalities. We show that, because learning can exacerbate this external-ity, the value of learning can be negative and, thus …, learning may be too fast. Given that variance in tax policies enhances learning, this implies that, in the sequence of Markov …