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140319.2 |
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|a Fudenberg, Drew
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|a Lanzani, Giacomo
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|a Strack, Philipp
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|a Limit Points of Endogenous Misspecified Learning
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|b The Econometric Society,
|c 2022-02-14T18:40:57Z.
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|z Get fulltext
|u https://hdl.handle.net/1721.1/140319.2
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|a We study how an agent learns from endogenous data when their prior belief is misspecified. We show that only uniform Berk-Nash equilibria can be long‐run outcomes, and that all uniformly strict Berk-Nash equilibria have an arbitrarily high probability of being the long‐run outcome for some initial beliefs. When the agent believes the outcome distribution is exogenous, every uniformly strict Berk-Nash equilibrium has positive probability of being the long‐run outcome for any initial belief. We generalize these results to settings where the agent observes a signal before acting.
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|a en
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|a Article
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|t Econometrica
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