This paper studies sequential social learning when people learn about others' actions through coarse signals. Agents arrive in cohorts sequentially. Each agent chooses an action upon observing a private "state-signal'' about a payoff-relevant state of the world and "action-signals'' that...

We propose a distributed randomized policy iteration algorithm for infinite horizon dynamic programming problems for which the control at each stage is m-dimensional. The traditional policy iteration algorithm involves performing a minimization over an m-dimensional constraint set and has a...

School closures induced by the COVID-19 pandemic led to concerns about student learning. This paper evaluates the effect of school closures on student learning in Uzbekistan, using a unique dataset that allows assessing change in learning over time. The findings show that test scores in math for...

An increasing number of studies depart from the rational expectations assumption to reconcile survey expectations with asset prices. While surveys are helpful to establish a link between subjective beliefs and investment decisions, precise inference about how investors depart from rational...

The objective is to study the use of non-translation invariant risk measures within the equal risk pricing (ERP) methodology for the valuation of financial derivatives. The ability to move beyond the class of convex risk measures considered in several prior studies provides more flexibility...