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Expectations and Learning from Prices.

We study mislearning from equilibrium prices, and contrast this with mislearning from exogenous fundamentals. We micro-found mislearning from prices with a psychologically founded theory of "Partial Equilibrium Thinking" (PET), where traders learn fundamental information from prices, but fail to rea...

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Published in:Review of Economic Studies Vol. 92; no. 3; pp. 1341 - 1375
Main Authors: Bastianello, Francesca, Fontanier, Paul
Format: Article
Published: Oxford University Press / USA May2025
Subjects:
Prices
Demand function
Equilibrium
Online Access:View this record in EBSCOhost