learning schemes can be compared in terms of the consumption behaviour that they yield. We show that neither purely adaptive … learning, nor social learning based on imitation can ensure satisfactory consumption behaviours. By contrast, if the agents can … terms of its regularity, and its ability to improve performance (which is as a clear manifestation of learning). Our results …

agent they consider is characterized by an imperfect learning model. An interesting question that emerges is if, and to what …

. Bayesian learning implies that beliefs about the likelihood of rare disasters drop to a much more pessimistic level once a … between rational and adaptive Bayesian learning. Rational learners account for the possibility of future changes in beliefs in …-valued and price-dividend ratios vary less under adaptive versus rational learning for identical priors. Keywords: beliefs …

Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete … literature on learning models that has developed over the past 20 years, using the model of Erdem and Keane (1996) as a unifying … framework. We described how subsequent work has extended their modeling framework, and applied learning models to a wide range …

I develop an adaptive learning model to study the welfare effects of Social Security policy uncertainty in an aging … could occur) with limited knowledge about the structure of the economy. The adaptive learning amplifies cyclical dynamics …) ranges between -0.29% and 0.21% of lifetime consumption in the adaptive learning model compared to -0.012% to -0.018% in the …

-negative learning cost and spending one period. If the agent has time-consistent preferences, she always chooses to learn whenever the … learning is beneficial. If the agent has time-inconsistent preferences, however, she may procrastinate such a learning …), the procrastination of learning can occur even when the learning cost is zero. The procrastination also leads to a non …

). Learning is costly for the Receiver who can choose to process strictly less information than what the sender provides. In a … than the case without learning costs; meanwhile, the Receiver processes less information than what he would under full … processed in equilibrium varies with learning costs in a non-monotone fashion …