selection is optimal under rational learning about the frequency of rare capital-value busts. Bayesian updating after a bust …

dynamic allocation of learning efforts as well as optimal stopping of the learning process. We show that the decision maker … considers an alternative for learning or adoption if and only if the expected payoff of the alternative is above a threshold … will switch to learning the better alternative; otherwise the decision maker will rule out this alternative from …

The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results …

We study the impact of observational learning in large scale congested service systems with servers having heterogenous … model with a continuum of servers. We find that the impact of observational learning on the customers' choice behavior may … highlights the tension between observational learning and social welfare maximization and thus observational learning in large …

learning, choosing among a set of alternative forecasting models. The analysis is accompanied by empirical evidence on the …

We designed four observational learning experiments to identify the key channels that, along with Bayes … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

We study perfect Bayesian equilibria of a sequential social learning model in which agents in a network learn about an … neighbors are mutually independent. We introduce a new metric of information diffusion in social learning, which is weaker than …

We study social learning in a social network setting where agents receive independent noisy signals about the truth …