The paper studies a behavioral learning process where an agent plays, at each period, an action with a probability which is proportional to the cumulative utility he got in the past with that action. The so-called CPR learning rule and the dynamic process it induces are formally stated and...

A model of the dynamics of intradaily exchange rates is presented. The current Over-The-Counter (OTC) exchange rate is the quote of the quoting bank.Two polar cases are considered: (i) If each bank is able to observe the noises relative to the orders of its own clients, then the OTC exchange...