there exist Markov SSEs near x that are E-stable, and therefore locally stable under adaptive learning, if F'(x)<-1 …

stable under adaptive learning, taking the form of noisy finite state Markov processes at resonant frequencies. For a range …

equilibrium properties of boundedly rational heterogeneous agents. We combine an adaptive learning process in a modified cobweb …

experiment. The behavioral data analysis highlight that cue salience is instrumental in driving learning. The simulation results … through which the competing dimensions are perceived. When these aspects diverge, their conflict will affect the learning … perhaps the first study to demonstrate the effect of salience and validity interaction on choice and learning in multi …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …

form their beliefs using adaptive learning algorithms that may differ from one individual to another. We show that market … distribution is not enough to pin down the long-run equilibrium. Consequently, initial differences in beliefs create persistent …

beliefs about both the stock currently held in portfolio and their trading talent and update their beliefs through learning … with fading memory. I calibrate the memory decay parameters to account-level trading records and show that beliefs updating … predicts that stock replacing typically happens after a good performance of the existing stock, providing a dual learning …

This paper develops a theoretical model for the formation of subjective beliefs on individual survival expectations … survival probability whereas old respondents overestimate their survival probability. Such subjective beliefs violate the … rational expectations paradigm and are also not in line with the predictions of the rational Bayesian learning paradigm. We …