expectations, have incomplete information about the working of the economy and form expectations through an adaptive learning … expectations and of learning. The main findings are the followings: (i) under learning, price dynamics in 2015-16 is on average 0 … repeated deflationary shocks; (ii) the learning process implies a (data-driven) de-anchoring of inflation expectations from the …

becomes a more accurate signal of their ability. Elections reduce the learning effect, and the reduction in this effect may …

show that the success in learning the opponent’s type depends on the characteristics of the true game. The learning success … equilibrium and we observe no correlation between equilibrium play and learning about the game. …

uncertainty and to smooth consumption across time : it also enables learning information. Conversely, defaulting now becomes … strategic : certain players may manipulate prices so as to provoke a default in order to prevent their opponents from learning …. We focus on learning equilibria, at the end of which no player has incorrect beliefs — not because those players with …