-reaction occurs, thus rational agents may strategically want to bias their learning process. Our analysis points out that the …

experience-based learning and sketch a simple model of its role in the stock market based on Malmendier et al. (2020a,b). I then …

We study dynamic portfolio choice of a long-horizon investor who uses deep learning methods to predict equity returns … learning to form optimal portfolios through certainty equivalent returns and Sharpe ratios. We demonstrate that a long …-short-term-memory recurrent neural network, which excels in learning complex time-series dependencies, generates a superior performance among a …

to learn from price innovations, but this adverse effect can be circumvented by learning from a collection of assets that …

feature of the model is that learning operates in both the demand for assets and the supply of credit. Interactions between … propagation. In contrast, the paper shows why learning involving only one side on the market, which has been the focus of most of …

different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial … participation in the market. We show that educational initiatives that are directed to facilitate learning by investors may induce …