We introduce Behavioral Learning Equilibria (BLE) into a multivariate linear framework and apply it to New Keynesian DSGE models. In a BLE, boundedly rational agents use simple, but optimal AR(1) forecasting rules whose parameters are consistent with the observed sample mean and autocorrelation...

In this paper, we discuss discrete choice theory and show how this theory can be used to quantify learning effects in experimental studies. We argue why the ordering quantities in newsvendor experiments should follow a multinomial logit distribution. We provide a robustness analysis to explain...

Exceptional Academic Behavior -- Reinhard Selten a Wanderer -- Encounters with Reinhard Selten: An Office Mate’s Report -- Reinhard Selten’s Frankfurt Years from the Perspective of a Co-player -- Reinhard Selten and the Scientific Climate in Frankfurt During the Fifties -- Reinhard Selten...

This paper develops an agent-based model of learning process that systematically organizes actual choice behavior along the path to equilibrium. The model relies on expected utility maximization to provide directions for economic agents to make choices at the margin toward their ends in adaptive...

This paper develops an agent-based model of learning process that systematically organizes actual choice behavior along the path to equilibrium. The model relies on expected utility maximization to provide directions for economic agents to make choices at the margin toward their ends in adaptive...