We develop a dynamic learning model to study money adoption. Agents own an asset that can potentially serve as money … distribution of dividends and based on the learning outcomes they coordinate to adopt the asset as money or to abandon it. We …

incorporate consumer learning and consumer heterogeneity into an empirical dynamic oligopoly model. In the model, firms choose … experiment improves the rate of learning, and lowers the equilibrium generic prices throughout the period. However, it hardly …