Different theories of expectation formation and learning usually yield different outcomes for realized market prices in … dynamic models. The purpose of this paper is to investigate expectation formation and learning in a controlled experimental …

taking an (irreversible) action. We define \textit{asymptotic learning} as the fraction of agents taking the correct action … converging to one as a society grows large. Under truthful communication, we show that asymptotic learning occurs if (and under … ``information hubs'', which receive and distribute a large amount of information. Asymptotic learning therefore requires information …