customers learn about a firm's product quality partially from its stock price. This learning induces feedback from the price to …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …. - Learning from experience ; OLG ; asset pricing ; bubbles ; heterogeneous agents …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …

This paper considers the impact of heterogeneous gain learning in an asset pricing model. A relatively stylized model … of U.S financial data. The detailed mechanisms of the learning models are then explored. Evidence suggests that agents …

interesting evolutionary experiments. The model is driven by heterogeneous agents who put varying weights on past information as …

update expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …

We examine the effects of parameter uncertainty and Bayesian learning on equilibrium asset prices when all the … equity premium. Learning does not produce a monotonically declining equity premium and shocks to growth rates can induce …

We incorporate joint learning about state and parameter into a consumption-based asset pricing model with rare … amount of uncertainty and slows learning. Once the two types of uncertainty are both priced in asset prices, their joint …

accordingly. Bitcoin's "digital gold" narrative, as a safe haven, best demonstrates this uncertainty-learning behavior. We find …