learning and policy recommendation in advisory committees. We quantify the effectiveness of advisory panels, and evaluate …

. 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 …

guess the degree of overall cooperation. We also find that the possibility to make announcements during the experiment …

We conduct a laboratory experiment to compare the fairness and intensity of round-robin tournaments with three …