rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …

Bateson. Learning requires to recognize a series of situations as identical and then to observe the effect of given variables … hypothesis to be continuously tested. This vision of bounds and learning has many implications for the debate on rationality and …

In standard models of rational learning from experience, prior uncertainties and disagreements recede smoothly as …, uncertainties will surge and core disagreements widen. In general, rational learning tends to bifurcate into calm and turbulent …

externalities for each other. When informational externalities are positive, the agents’ learning processes are mutually … takes a more extreme action, generating a positive feedback loop. The opposite pattern, mutually-limiting learning, arises …

Adaptive learning introduces persistence in the evolution of agents' beliefs over time. For applied purposes this is a … convenient feature to help explain why economies present sluggish adjustments towards equilibrium. The pace of learning is … document renewed empirical calibrations of plausible gain values for adaptive learning applications to macroeconomic data. We …