This paper examines the consequences of informational imperfections for economic growth in an overlapping generations model in which agents learn the technological parameters in a Bayesian fashion. Under mild sufficient conditions, beliefs converge to the true value of the technological parameters.
Markov chains, imperfect state information, and Bayesian learning
β Scribed by H.M. Shefrin
- Publisher
- Elsevier Science
- Year
- 1983
- Weight
- 420 KB
- Volume
- 4
- Category
- Article
- ISSN
- 0270-0255
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