learning is excessive, and a deadline on adopting the project is socially optimal in a wide range of settings …

externalities for each other. When informational externalities are positive, the agents’ learning processes are mutually … takes a more extreme action, generating a positive feedback loop. The opposite pattern, mutually-limiting learning, arises …

speed of social learning and the seller's incentives to establish reputations. When each buyer privately observes a bounded … subset of the seller's past actions, the speed of social learning is strictly positive but vanishes to zero as the seller …, the speed of learning is bounded from below and a patient seller can secure high returns from building reputations. My …

In the classical herding model, asymptotic learning refers to situations where individuals eventually take the correct … learning occurs. Recent papers have argued that typically, even when asymptotic learning occurs, it takes a very long time. In …

While payoff-based learning models are almost exclusively devised for finite action games, where players can test every … action, it is harder to design such learning processes for continuous games. We construct a stochastic learning rule …

We establish convergence of beliefs and actions in a class of one-dimensional learning settings in which the agent …. Applications of our framework include learning by a person who has an incorrect model of a technology she uses or is overconfident … about herself, learning by a representative agent who may misunderstand macroeconomic outcomes, as well as learning by a …

Brander and Spencer (2015a,b), to analyze the effect of consumer learning on firms' incentives to differentiate their products … more likely to invest in differentiation with consumer learning than without. This is in line with implications of the … firms compete in prices. Here, the effect of consumer learning is reversed, so that differentiation is less likely with …

subsidy to labour and a simultaneous tax on entrepreneurs to curb excessive entry, with learning a subsidy-only policy can be …-increasing faster learning. …

We revisit well-known models of learning in which a sequence of agents make a binary decision on the basis of a private … signal and additional information. We introduce efficiency measures, aimed at capturing the speed of learning in such … contexts. Whatever the distribution of private signals, we show that the learning efficiency is the same, whether each agent …