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Abstract

Vol. 72, No. 4, pp. 349-362 (2021)

“Berk-Nash Equilibrium”
Yuichi Yamamoto (Institute of Economic Research, Hitotsubashi University)

This paper reviews recent developments on misspecified learning in microeconomic theory. We provide various examples to illustrate how an agent's action and/or belief converge to a Bask-Nash equilibrium.