considered since. Peoples’ experience of the uncertainty in turbulence is moderated by the adaptive capacities they perceive they … can mobilize, both individually and collectively. In turbulence, pre-existing adaptation possibilities are overwhelmed for … the individual system. Turbulence for a system arises because its broader contextual environment and its constituent parts …

do learn. In this framework, conjectural equilibrium is defined as a steady state of the learning process, and all the … well-known learning algorithms. We prove analytically that multiplicity of equilibria, and failure of good organizational … initial conjectures. Finally, learning does not necessarily select the best. …

We address the issue of risk aversion in a competitive equilibrium when some buyers engage in learning and information … is conveyed through the price system. Specifically, since the learning process yields uncertainty, we study the effect of …

effect of asymmetric information and learning on the equilibrium outcomes. More uninformed buyers increases the price …

learning from experience that also allows for heterogeneity in both private information and updating. Our model vastly …

unbiased forecasts and learning from past mistakes. Psychologists, however, see people as guided by processes other than the … paper uses Conference Board data to examine the forecasts of business managers for evidence of bias and learning. Our … the sample proved to be overly optimistic. In addition we find evidence of the learning that economists predict. However …

multi-period forecasting model that is estimated under both adaptive learning and rational expectations. Term structure … neglected in the adaptive learning literature. Relative to the rational expectations version, our estimated DSGE model under … adaptive learning largely improves the model fit to the data, which include not just macroeconomic data but also the yield …