In this paper, I present an empirical model of learning under ambiguity in the context of clinical trials. Patients are … concern with learning the treatment effect of the experimental drug, but face the ambiguity of random group assignment. A two … dimensional Bayesian model of learning is proposed to capture patients' beliefs on the treatment effect and group assignment …

We estimate a New-Keynesian macro-finance model of the yield curve incorporating learning by private agents with … prices of risk are important features of the data. These features are, therefore, included in our learning model. The model … is estimated on U.S. data using Bayesian techniques. The learning model succeeds in explaining the yield curve movements …