. Learning played a major role in individuals achieving what was referred to as complete rationality. I draw on these ideas, and …

"Agents with more experience make better choices. We measure learning dynamics using a panel with four million monthly … learning is not monotonic. Knowledge effectively depreciates about 10% per month, implying that learning displays a strong …

infinite-horizon learning, and subjective expectations with Euler-equation learning. Under rational expectations, the model … necessitates of large, possibly unrealistically so, degrees of myopia. The same result persists under infinite-horizon learning …, given that agents are still remarkably farsighted. But, under Euler-equation learning, the model can fit the data with only …