makers. We ask whether there exist "full learning'' equilibria -- ones in which the players' posterior beliefs eventually …. Surprisingly, in the latter case full learning may be impossible even in the limit as all players become infinitely patient. We …. In this case full learning equilibria exist. …

We present a model of entry and exit with Bayesian learning and price competition. A new product of initially unknown … performance of the new product is publicly observable. As agents learn from the experiments of others, informational externalities …