On a diversity of perspectives and world views: Learning under Bayesian vis-á-vis DeGroot updating

Aniruddha Ghosh and M. Khan

Economics Letters, 2021, vol. 202, issue C

Abstract: In an influential recent paper, Mailath–Samuelson formalize learning and reasoning through “model-based inference” and Bayesian updating. In this announcement, we substitute DeGroot’s heuristic for Bayesian updating by (i) furnishing a plausible interaction matrix that agents use to weigh each other’s beliefs, and by (ii) using this matrix to derive properties of the process for the DeGroot updating of beliefs by agents and oracles. The alternative argumentation that we provide facilitates bridging the literature on networks and that on model-based learning and inference; and it identifies productive and ongoing directions for further investigation.

Keywords: Bayesian updating; DeGroot’s consensus; Learning; Models; Oracles (search for similar items in EconPapers)
JEL-codes: D80 D83 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176521001166
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:202:y:2021:i:c:s0165176521001166

DOI: 10.1016/j.econlet.2021.109839

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().