We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner's econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty from the anticipation...

We introduce learning in a Brock–Mirman environment and study the effect of risk generated by the planner’s econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty due to the...

The literature on experimentation and learning typically imposes a special dynamic structure: the only connection between periods is the updating of beliefs. Hence, both the present action and present signal realization only affect the future by changing the distribution of future beliefs. In...

Typically the literature on experimentation and learning imposes a special dynamic structure: the present signal realization only affects the future by changing the distribution of future beliefs. In many contexts however the model may have "signal dependence", that is, the current signal may...