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...
| Main Author: | |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
Department of Economics (University of Oxford)
2005
|