This chapter provides a survey of the recent work on learning in the context of
macroeconomics. Learning has several roles. First, it provides a boundedly rational model of …

The concept of adaptively rational equilibrium (ARE) is introduced. Agents adapt their beliefs
over time by choosing from a finite set of different predictor or expectations functions. Each …

Each of n players, in an infinitely repeated game, starts with subjective beliefs about his
opponents' strategies. If the individual beliefs are compatible with the true strategies chosen …

Before the opening of the Paris Bourse, traders place orders and indicative prices are set.
This offers a laboratory to study empirically the tâtonnement process through which markets …

We design and study an OLG experimental economy where the government finances a fixed
real deficit through seigniorage. The economy has continua of nonstationary rational …

We consider a class of nonlinear dynamic economic models in which the actual realizations
of a certain variable (eg, price) depend on the agents' expectations about this variable. We …

This paper studies overlapping generations economies in which agents use genetic
algorithms to learn correct decision rules. The results of computer simulations show that a …

In dynamic models of economic fluctuations backward-looking expectations with systematic
forecasting errors are inconsistent with rational behaviour. In non-linear dynamic models …

Complicated equilibrium trajectories under least squared learning are shown to exist in a
standard version of the overlapping generations model. These trajectories exist when the …

Different theories of expectation formation and learning usually yield different outcomes for
realized market prices in dynamic models. The purpose of this paper is to investigate …