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 …

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 far-sighted. But, under Euler-equation learning, the model can fit the data with only …

findings are strategic uncertainty and incomplete learning. …

We report two information cascade game experiments that directly test the impact of altruism on observational learning … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning. …

We develop a model of firm learning in volatile markets with noisy signals and test its predictions using historical … improvements from learning are faster where market signals are noisier. …

the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …