Koulovatianos, Christos; Mirman, Leonard J.; Santugini, Marc - 2010
activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural …We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric … uncertainty and uncertainty from the anticipation of learning. The latter renders control and learning nonseparable. We present …
