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"In a repeated game of incomplete information, myopic players form beliefs on next-period play and choose strategies to maximize next-period payoffs. Beliefs are treated as forecast of future plays. Forecast accuracy is assessed using calibration tests, which measure asymptotic accuracy of...
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benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …
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This paper studies adaptive learning in the class of weighted network games. This class of games includes applications … show that quite general learning processes converge to a Nash equilibrium of a weighted network game if every player …
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This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge …
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