We revisit the economic models of social learning by assuming that individuals update theirbeliefs in a non-Bayesian way. Individuals either overweigh or underweigh (in Bayesian terms)their private information relative to the public information revealed by the decisions of othersand each...

Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents intolearning dynamics that appear to be “wasteful” in terms of well-being or welfare. Within settingsdisplaying preference endogeneity, it is however still unclear how to conceptualize well-being.This...

This paper lays out an evolutionary theory for the cognitive foundations and cultural emergenceof the extravagant displays (e.g., ritual mutilation, animal sacrifice, and martyrdom) that have sooften tantalized social scientists, as well as more mundane actions that influence cultural...

Recently, it has been suggested that the process of economic development should ideally be viewed as a socioeconomictransformation. Such a view requires a comprehensive understanding of how agents learn and changetheir behaviour. However, these aspects have only been inadequately addressed in...