This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … dynamics in beliefs being themselves persistent and because they generate strong intertemporal substitution effects in …

the whole, inconsistent with Bayesian updating. We embed the empirical evidence on expectations and learning into a model … of search on- and off- the job with learning, and show that it is far better able to fit the data on reservation wages … by the presence of learning …

later. Delayed overshooting results from (a) the interaction of learning about the current state of affairs, and the … learning with some delay …

decision theory to characterize when learning or discriminating among competing probability models is challenging. I also use … choice theory under uncertainty to explore the ramifications of model uncertainty and learning in environments in which … pricing; and I show that when real time learning is included risk premia are larger when macroeconomic growth is lower than …

expectations with less naïve learning rules. Our results suggest that fast and frugal robust heuristics may not be a second …

student ability distribution and across region, with the most pronounced increases in competition being found among higher … in response to the growth in competition. We also discuss the theoretical implications of increased competition on longer …-term measures of learning and achievement and attempt to test them empirically; the evidence and related literature, while limited …