observe that (i) all the relevant information in the learning dynamics is encoded in the input decisions; (ii) firms are able …Consider a multi-sector general equilibrium model where firms have incomplete information about the returns to scale of … their production and where that information is sequentially updated once real production is observed. What is the impact of …

After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo … or reclassified in the neoclassical synthesis. Keynes' General Theory is truly general. It includes the full … recent results in behavioral economics. Keynes' macroeconomics is the result of his microeconomics. Keynes' theory is a …

This paper analyzes the effect of the availability of information about the payoff structure on the behavior of players … in a Common-Pool Resource game. Six groups of six individuals played a complete information game, while other six groups … played the same game but with no information about the payoff function. It will be shown that the patterns of investment …

theory of melioration is to exclusively play A, while the Nash equilibrium is to almost exclusively play B. The predictive … learning processes exhibited by players. …