When a new asset keeps changing its narrative, investors find difficulty in classifying and understanding the new asset. Rational investors therefore face unprecedented uncertainty and learn about the joint dynamics to optimize their portfolio accordingly. Bitcoin's "digital gold" narrative, as...

Tuning one's shower in some hotels may turn into a challenging coordination game with imperfect information. The temperature sensitivity increases with the number of agents, making the problem possibly unlearnable. Because there is in practice a finite number of possible tap positions, identical...

This article tries to connect two separate strands of literature concerning genetic algorithms. On the one hand, extensive research took place in mathematics and closely related sciences in order to find out more about the properties of genetic algorithms as stochastic processes. On the other...

We study social learning in a social network setting where agents receive independent noisy signals about the truth. Agents naïvely update beliefs by repeatedly taking weighted averages of neighbors' opinions. The weights are fixed in the sense of representing average frequency and intensity of...

I examine the generalizability of a broad range of prominent learning models in explaining contribution patterns in repeated linear public goods games. Experimental data from twelve previously published papers are considered in testing several learning models in terms of how accurately they...

Behavioral and experimental literature on financial instability focuses on either subjective price expectations (Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2018) have shown that subjects have problems with both tasks. In this paper, I...

Information-based reinforcement learning is effective for trading and price discovery in limit order markets. It helps traders to learn a statistical equilibrium in which traders' expected payoffs and out-sample payoffs are highly correlated. Consistent with rational equilibrium models, the...

Technological know-how is necessary to make effectively use of new machinery and capital goods. Firms and employees accumulate technology-specific knowledge when working with specific machinery. Radical innovation differs by technology type and pre-existing knowledge may be imperfectly...