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 …

in this model. This note shows that these additional equilibria are always unstable under learning. This is true for both … eductive learning following Guesnerie [2002] and adaptive learning via leastsquares estimation (cf. Marcet and Sargent [1988 … clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive …

PricesThis paper studies the properties of adaptive learning as a device to select amongst the rational expectations … and improves upon them by analyzing learning in a model with a well-defined temporary equilibrium map, a coherent … informational setup, and properly specified microfoundations. The main result is that adaptive learning is a robust selection …

private agents' learning process, determines the speed at which the economy converges to the rational expectation equilibrium …

exist multiple Misspecification Equilibria, a subset of which are stable under least squares learning and dynamic predictor …

learning converges quickly to an equi-librium very similar to that with model-consistent expectations. In other words, if … one. The mechanism by which learning affects the model is considered in detail and the implications of relaxing the …

exists in this model. This note shows that these additional equilibria are always unstable under learning. This is true for … both eductive learning following Guesnerie [2002] and adaptive learning via least–squares estimation (cf. Marcet and … results are less clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under …