How Do Biases Influence Learning Outcomes?

Yuichi Yamamoto

Economic Review, 2024, vol. 75, issue 1, 7-7

Abstract: Recent studies on misspecified learning show that when a misspecified agent learns an unknown economic state, its outcome can differ significantly from that of a correctly specified agent. Specifically, there are cases in which one’s belief does not converge forever or a negligible amount of misspecification has a significant impact on the learning outcome. In this study, we review these recent results in the literature and discuss what is critical to them.

JEL-codes: C61 D83 (search for similar items in EconPapers)
Date: 2024
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