The (in)appropriate benchmark when beliefs are not the only state variable.
In models of learning by experimentation, there is a natural benchmark of myopia when the only intertemporal link is the agent’s subjective belief (signal independence). An alternative benchmark using a passive learner has been proposed when there is a further intertemporal link that directly affect...
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| Formatua: | Working paper |
| Hizkuntza: | English |
| Argitaratua: |
Department of Economics (University of Oxford)
2005
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