Observational learning theories often assume that people's actions can be observed. However, in many naturally … learning under optional disclosure conditions. We further examine empirically how individuals decide whether to reveal …

learning schemes can be compared in terms of the consumption behaviour that they yield. We show that neither purely adaptive … learning, nor social learning based on imitation can ensure satisfactory consumption behaviours. By contrast, if the agents can … terms of its regularity, and its ability to improve performance (which is as a clear manifestation of learning). Our results …

. Bayesian learning implies that beliefs about the likelihood of rare disasters drop to a much more pessimistic level once a … between rational and adaptive Bayesian learning. Rational learners account for the possibility of future changes in beliefs in …-valued and price-dividend ratios vary less under adaptive versus rational learning for identical priors. Keywords: beliefs …

Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete … literature on learning models that has developed over the past 20 years, using the model of Erdem and Keane (1996) as a unifying … framework. We described how subsequent work has extended their modeling framework, and applied learning models to a wide range …

I develop an adaptive learning model to study the welfare effects of Social Security policy uncertainty in an aging … could occur) with limited knowledge about the structure of the economy. The adaptive learning amplifies cyclical dynamics …) ranges between -0.29% and 0.21% of lifetime consumption in the adaptive learning model compared to -0.012% to -0.018% in the …

). Learning is costly for the Receiver who can choose to process strictly less information than what the sender provides. In a … than the case without learning costs; meanwhile, the Receiver processes less information than what he would under full … processed in equilibrium varies with learning costs in a non-monotone fashion …

In this paper we present experimental evidence suggesting that observational learning (i.e. learning by not doing but … by observing) may outperform learning by doing …

We report on an experiment testing the empirical relevance of least squares (LS) learning, a common way of modelling … in the independent variable of the model. We consider several alternatives to least squares learning and find evidence …

This paper introduces a model of boundedly rational observational learning, which is rationally founded and applicable …