Non-bayesian learning under imprecise perceptions

Fernando Vega Redondo
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Fernando Vega Redondo: Instituto Valenciano de Investigaciones Económicas
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Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: In a preceding companion paper, a static model of individual decision making was proposed that, due to imprecise perceptions, induces simple and inertial behavior at equilibrium ("status-quo optimal") points. This paper addresses two complementary issues. First, it studies the learning dynamics induced by the model and its relationship with the former (static) equilibrium concepts. Second, it characterizes the behavioral implications of the model, comparing them with those derived from standard decision-theoretic frameworks.

Pages: 40 pages
Date: 1992-12
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http://www.ivie.es/downloads/docs/wpasad/wpasad-1992-08.pdf Fisrt version / Primera version, 1992 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1992-08

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