itself. We propose a Bayesian learning model where market participants receive fundamental information along with noisy …

observable outcomes. Agents in the model are fully rational, conduct Bayesian learning, and they know that they do not know …

heterogeneity often carries through to Bayesian learning models. That is, the failure to adequately account for preference …, where the latter arises from Bayesian learning. Our results are striking and suggest that measured brand beliefs can predict … choices quite well and, moreover, that in the absence of such measured preference information, the Bayesian learning behavior …