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

We present a decision theoretic framework in which agents are learning about market behavior and that provides … microfoundations for models of adaptive learning. Agents are 'internally rational', i.e., maximize discounted expected utility under … discounted sum of dividends. As a result, learning about price behavior affects market outcomes, while learning about the …

beliefs about price and dividend behavior to deviate slightly from rational expectations priors. Learning about stock price … system of beliefs and other model features. We depart from previous studies of asset prices under learning in that agents …

We study investment and consumption decisions in a dynamic game under learning. To that end, we present a model in … assumption of adaptive learning) is generally intractable, we characterize the unique symmetric Bayesian-learning recursive … limits of the equilibrium outcomes for a finite horizon exist. The addition of learning to a stochastic environment is shown …

We embed learning (without experimentation) in optimal growth. We extend the Mirman-Zilcha results of stochastic … optimal growth to the learning case. We use recursive methods to study the effect of learning on the dynamic program by …