domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor vs …

experience. We find evidence of two types of learning: some investors become better at trading with experience, while others stop … trading after realizing that their ability is poor. A substantial part of overall learning by trading is explained by the …

learn than older, more experienced traders. As regards learning through experience, surprisingly we find that more seasoned …

We examine how learning and memory influence portfolio decisions. We confirm the puzzling finding that learning is … first (primacy) and last (recency) decisions. Reliance on these decisions can hinder learning and optimal updating. We find …. Overall, learning is limited because investors rely on their prior portfolio choices …

, we also find mutual fund investors learn much more slowly than Bayes' rule. Mutual fund investors' slow learning is not … lack of sophistication, but is likely due to a low payoff from learning. Our results suggest learning speed depends on the …