externalities for each other. When informational externalities are positive, the agents’ learning processes are mutually … takes a more extreme action, generating a positive feedback loop. The opposite pattern, mutually-limiting learning, arises …

In standard models of rational learning from experience, prior uncertainties and disagreements recede smoothly as …, uncertainties will surge and core disagreements widen. In general, rational learning tends to bifurcate into calm and turbulent …

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in … formal definition of quasi-rational learning. The model under learning is able to match remarkably well some crucial stylized … being a small departure from rational expectations, quasi-rational learning does not preclude falsifiability of the model …