the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our … participants initially underestimate the information that their experience will provide - a bias that may lead to underinvestment …

The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results … and theoretically in a very simple framework, how individuals initially learn by exploiting information from the pay …

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …