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 …. - Learning from experience ; OLG ; asset pricing ; bubbles ; heterogeneous agents …

; Monetary Policy ; Expectation ; Learning ; VAR ; Consensus Forecast …

We compare forecasts from different adaptive learning algorithms and calibrations applied to US real-time data on …

will update her beliefs upwards more often than not. As a consequence, the agent overestimates the benefits of learning …. -- Overconfidence ; heterogenous beliefs ; career concerns …

external factors, such as powerful others or chance. Furthermore, some authors suggest that internal control beliefs interact … with self-efficacy beliefs regarding their effects on outcome expectancies and thus optimism. We argue that it is not only … self-efficacy that interacts, but efficacy beliefs about external factors, too. We further hypothesize that the effect of …

(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning …

We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to … representation used by agents in the learning process. Only the finite-state Markov sunspot solutions can be stable under learning. …

Adaptive learning introduces persistence in the evolution of agents' beliefs over time. For applied purposes this is a … convenient feature to help explain why economies present sluggish adjustments towards equilibrium. The pace of learning is … directly determined by the gain parameter, which regulates how quickly new information is incorporated into agents' beliefs. We …

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