is used to test hypotheses of HB. We show the common knowledge assumptions of the PI theory are implausible. The theories … differ on four main analytical issues. (1) The pricing theory under PI implies prices have infinite memory and at each t … rationality conditions impose restrictions on any HB theory. We explain the tight restrictions on the model's parameters imposed …

We address the issue of risk aversion in a competitive equilibrium when some buyers engage in learning and information … is conveyed through the price system. Specifically, since the learning process yields uncertainty, we study the effect of …

equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences … different cognitive abilities learn differently, we estimate a structural model of learning based on level-k reasoning. We find … translates into better analytic reasoning and a better 'theory of mind.' …

. The evidence supports the predictions of our model, most notably that investor learning about manager ability weakens when … to the resultant sluggish learning process …

decision heuristics. Central to our survey is the question under which conditions a complex macro-system of interacting agents …