We analyze the effects of social learning in a widely-studied monetary policy context. Social learning might be viewed … as more descriptive of actual learning behavior in complex market economies. Ideas about how best to forecast the economy … this more realistic learning dynamic. A key result from the literature in the version of the model we study is that the …

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in … formal definition of quasi-rational learning. The model under learning is able to match remarkably well some crucial stylized … being a small departure from rational expectations, quasi-rational learning does not preclude falsifiability of the model …

This paper examines social learning when only one of the two types of decisions is observable. Because agents arrive …, as in the standard model, learning is complete if and only if signals are unbounded. If signals are bounded, cascades may …

For many years psychological studies of the learning process have used a simulated medical diagnosis task in which … models. Using 123 subjects each in 480 trials, we compare five existing learning models plus several variants, including the …

makers. We ask whether there exist "full learning'' equilibria - ones in which the players' posterior beliefs eventually …. Surprisingly, in the latter case full learning may be impossible even in the limit as all players become infinitely patient. We …. In this case full learning equilibria exist …

This paper systematically analyzes and enriches the observational learning paradigm of Banerjee (1992) and Bikhchandani … is infinite when a correct herd is inevitable. (4) We prove that long-run learning is unaffected by background noise from … a twin observational pathology generically appears: Confounded learning. It may well be impossible to draw any further …

present simple reinforcement and evolutionary learning agents that learn strategies with better than Nash payoffs …

The article presents certain ways of understanding a learning organization and its characteristic features. It also … contains the results of a study of twenty–seven Polish enterprises facilitating diagnosis of their learning ability. It has … been shown that learning ability is connected with the performance of the enterprise. The study results make possible the …

We exhibit a natural environment, social learning among heterogeneous agents, where even slight misperceptions can have … a large negative impact on long-run learning outcomes. We consider a population of agents who obtain information about … information aggregation can be improved by simplifying agents’ learning environment. The key feature behind our findings is that …

We analyze a dynamic principal-agent problem with moral hazard and private learning. Each period the agent faces a …