paradigmatic instance of observational learning. There are three players, arranged in sequence, each of whom wins a fixed price if … learning ; error cascades …

Recession. I next develop a heterogeneous firm model with Bayesian learning and uncertainty shocks to study the aggregate …'s (1982) model of learning in a setting where each firm gradually learns about its own productivity, and each occasionally … experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower …

We derive conditions on the learning environment - which encompasses both Bayesian and non-Bayesian processes … rules in our dynamic allocation problems with incomplete information and learning, and between the classical problem of …