learning schemes can be compared in terms of the consumption behaviour that they yield. We show that neither purely adaptive … learning, nor social learning based on imitation can ensure satisfactory consumption behaviours. By contrast, if the agents can … terms of its regularity, and its ability to improve performance (which is as a clear manifestation of learning). Our results …

This paper applies a social learning model to the optimal consumption rule of Allen & Carroll (2001), and delivers … results in the literature, both in terms of speed of convergence and parsimony of the learning model. The learning model … exhibits several appealing features: it is frugal, easy to apply to a range of learning objectives, requires few procedures and …

This paper investigates the performances of an inflation targeting regime in a learning economy framed as an Agent … rules of thumb – or heuristics – while a continuous learning process governs the evolution of those rules. Under these … learning mechanisms operating at the individual level and the features and performances of the inflation targeting regime. Our …

This paper applies a social learning model to the optimal consumption rule of Allen & Carroll (2001), and delivers … results in the literature, both in terms of speed of convergence and parsimony of the learning model. The learning model … exhibits several appealing features: it is frugal, easy to apply to a range of learning objectives, requires few procedures and …

-monotonic relationship in the learning-to-forecast experiments and this non-monotonicity persists in the learning-to-optimize design. Third …, convergence in the learning-to-optimize experiment is more challenging to achieve: coordination on the two-cycle is never observed …