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New Keynesian theory identifies a set of principles central to the design and implementation of monetary policy. These principles rely on the ability of a central bank to manage expectations precisely, with policy prescriptions typically derived under the assumption of perfect information and...
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money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning …. We show that multiple equilibria arise, and equilibria with price dispersion entail more learning than equilibria with …
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This chapter focuses on a series of experiments investigating decision behavior in single-stage, two-person bargaining over the exchange of a single commodity, where neither trader knows with precision the reservation value that the other places on the good or service being bought or sold....
Persistent link: https://www.econbiz.de/10014023585
information about their types; that is, they do not exactly know their private valuations. We suggest a learning model according …. This shows that imperfect information and a very simple boundedly rational model of learning can circumvent the Myerson …
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We study learning in finitely repeated 2x2 normal form games, when players have incomplete information about their … results show that the success in learning the opponent's type depends on the characteristics of the true game. The learning … equilibrium and we observe no correlation between equilibrium play and learning about the game …
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