Limit Points of Endogenous Misspecified Learning
نویسندگان
چکیده
We study how an agent learns from endogenous data when their prior belief is misspecified. show that only uniform Berk–Nash equilibria can be long?run outcomes, and all uniformly strict have arbitrarily high probability of being the outcome for some initial beliefs. When believes distribution exogenous, every equilibrium has positive any belief. generalize these results to settings where observes a signal before acting.
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ژورنال
عنوان ژورنال: Econometrica
سال: 2021
ISSN: ['0012-9682', '1468-0262']
DOI: https://doi.org/10.3982/ecta18508