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

different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial … participation in the market. We show that educational initiatives that are directed to facilitate learning by investors may induce …

markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing … learning by investors may induce producers to increase wasteful obfuscation, further disorienting investors and decreasing …

. Overconfidence ; Learning ; Risk Taking ; Selbstüberschätzung ; Lernen ; Risikoübernahme … assumptions of expected utility theory and the basic rationality requirement of consistency with first-order stochastic dominance …