We designed four observational learning experiments to identify the key channels that, along with Bayes … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in …

all stylized facts observed in aggregate price fluctuations and individual forecasting behaviour in recent learning to … forecast laboratory experiments with human subjects (Hommes et al. 2007), simultaneously and across different treatments. …

We study how subjects in an experiment use different forms of public information about their opponents' past behavior …

expectations rule. Subjects are less likely to make conditionally optimal production decision for given forecasts in treatment 3 …

JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

decision heuristics. Central to our survey is the question under which conditions a complex macro-system of interacting agents …

informed to uninformed firms, moderates asymmetric incentives in information acquisition and renders the aggregate learning … outcome approximately acyclical. Our results challenge the prevailing view of procyclical learning as the source of asymmetric …

the size of credible deviations. In our experiment, we find support for the relevance of credible deviations. In addition … experiments. …

others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative …

-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative …