Apr. 25, 2024


山本裕一 (一橋大学経済研究所教授)

How Do Biases Influence Learning Outcomes?

Yuichi Yamamoto (Institute of Economic Research, Hitotsubashi University,Japan)



 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.

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書誌情報Bibliographic information

Vol. 75, No. 1, 2024
Article Number: er.ar.032824
DOI (Link to J-STAGE): https://doi.org/10.60328/keizaikenkyu.er.ar.032824
JEL Classification Codes: C61, D83