Information-based reinforcement learning is effective for trading and price discovery in limit order markets. It helps … informed traders mainly depends on their information about fundamental value, while uninformed traders trade on a short …-run momentum of the informed market orders. The learning increases liquidity supply of uninformed and liquidity consumption of …

This paper studies how acquisition of non-fundamental information (learning about noise) affects financial markets. We … (imprecise) compared to their prior non-fundamental information learn only about fundamentals (noise) and ii) learning about … develop a rational expectations model with investors who are endowed with fundamental and non-fundamental information of …

Observational learning theories often assume that people's actions can be observed. However, in many naturally … learning under optional disclosure conditions. We further examine empirically how individuals decide whether to reveal … providing public information about how the disclosure behavior affects others …

learning, I find that managers seek more direct interactions when they have a high demand for information concerning industry …Prior evidence suggests that managers learn indirectly from stock prices, which contain private information impounded … for managerial learning. I propose that managers seek out direct interactions with institutional investors as a further …

accumulate technology-specific knowledge when working with specific machinery. Radical innovation differs by technology type and … pre-existing knowledge may be imperfectly transferable across types. In this paper, I address the implications of cross … change. I propose a microeconomically founded model of technological learning that is based on emperical and theoretical …

agents to coordinate on it through this learning scheme in the absence of substantive rationality and perfect information …We analyse the dynamics resulting from social learning in a simple general equilibrium (GE) model, whose structure is … social learning. We discuss the robustness of the symmetric optimal equilibrium of this GE model, by testing the ability of …

ecological uncertainty but they gain information (learn) about it. We then compare our learning model with the benchmark model of …We introduce learning in a dynamic game of international pollution, with ecological uncertainty. We characterize and … full information, where players know the distribution of ecological uncertainty. We find that uncertainty due to …

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 …

of Player 2. We say that beliefs exhibit higher-order learning if the beliefs of Player k about the beliefs of Player k-1 … reflected in the data; in particular, higher-order beliefs are updated more slowly with private than public information. However …, higher-order learning fails even after a large number of signals is observed. We argue that this result is driven by base …