In standard models of rational learning from experience, prior uncertainties and disagreements recede smoothly as …, uncertainties will surge and core disagreements widen. In general, rational learning tends to bifurcate into calm and turbulent …

externalities for each other. When informational externalities are positive, the agents’ learning processes are mutually … takes a more extreme action, generating a positive feedback loop. The opposite pattern, mutually-limiting learning, arises …

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 …

demand. The former learning effect, combined with the latter real-options effect, adversely affect firms' entry decisions and …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

learning, choosing among a set of alternative forecasting models. The analysis is accompanied by empirical evidence on the …

The paper proves that the Bayesian approach to learning and expectations formation implies no propositions that could …

Adaptive learning introduces persistence in the evolution of agents’ beliefs over time. For applied purposes this is a … convenient feature to help explain why economies present sluggish adjustments towards equilibrium. The pace of learning is … document renewed empirical calibrations of plausible gain values for adaptive learning applications to macroeconomic data. We …