positive levels of search costs. Considering an explicit learning scheme the paper shows that convergence of prices to …

Saddlepath learning occurs when agents know the form but not the coefficients of the sad?dlepath relationship defining … rational expectations equilibrium. Under saddlepath learning, we obtain a completely general relationship between determinacy … system is determinate, we show that a learning process based on the saddlepath is always e-stable. When the system is …

We present a decision theoretic framework in which agents are learning about market behavior and that provides … microfoundations for models of adaptive learning. Agents are 'internally rational', i.e., maximize discounted expected utility under … discounted sum of dividends. As a result, learning about price behavior affects market outcomes, while learning about the …

the existing literature, which typically focuses on the learning of private agents during a disinflation.  We build a …

beliefs about price and dividend behavior to deviate slightly from rational expectations priors. Learning about stock price … system of beliefs and other model features. We depart from previous studies of asset prices under learning in that agents …

We introduce learning into a Hotelling model of a non-renewable resource market. Bycombining learning and scarcity we … add signi?cantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our … learning model we show how a self con?rming equilibrium exists but is not constant over time. As scarcity increases the SCE …

Saddlepath learning occurs when agents learn adaptively using a perceived law of motion that has the same form as the … saddlepath relationship in rational expectations equilibrium.  Under saddlepath learning, we obtain a completely general … information.  When the system is determinate, we show that a learning process based on the saddlepath is always e-stable.  When …

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity … sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which …