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 …

An intriguing problem in stochastic growth theory is as follows: even when the return on investment is arbitrarily high …