positive levels of search costs. Considering an explicit learning scheme the paper shows that convergence of prices to …

Saddlepath learning occurs when agents learn adaptively using a perceived law of motion that has the same form as the … saddlepath relationship in rational expectations equilibrium.  Under saddlepath learning, we obtain a completely general … information.  When the system is determinate, we show that a learning process based on the saddlepath is always e-stable.  When …

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity … sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which …

the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model …

policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …

from the existing literature, which typically focuses on the learning of private agents during a disinflation. We build a …

We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we … add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our … learning model we show how a self confirming equilibrium exists but is not constant over time. As scarcity increases the SCE …