in this model. This note shows that these additional equilibria are always unstable under learning. This is true for both … eductive learning following Guesnerie [2002] and adaptive learning via leastsquares estimation (cf. Marcet and Sargent [1988 … clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive …

private returns to education within the employer learning framework of Farber and Gibbons (1996) and Altonji and Pierret (2001 …

This paper studies a sequential learning problem where individuals are ambiguous about other people's signal structures …. It finds that ambiguity has an important impact on social learning and provides new insights on the mechanism behind … degree of ambiguity suffices to produce a cascade when signals are bounded and destroys full learning when signals are …

private returns to education within the employer learning framework of Farber and Gibbons [1996] and Altonji and Pierret [2001 …

private returns to education within the employer learning framework of Farber and Gibbons [1996] and Altonji and Pierret [2001 …

is used to test hypotheses of HB. We show the common knowledge assumptions of the PI theory are implausible. The theories … differ on four main analytical issues. (1) The pricing theory under PI implies prices have infinite memory and at each t … rationality conditions impose restrictions on any HB theory. We explain the tight restrictions on the model's parameters imposed …

firm must transfer a large part of the surplus to the inactive firm in order to limit pre-emption. Learning; Pre …

domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor vs …