Collaborative Research on Rational Expectations and LearningAn Experimental Analysis

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The major purpose of this research is to examine the implications of learning for rational-expectations equilibria in markets. The setting for much of this work, experimental markets, makes it possible to clearly distinguish between the theory of the market and people's behavior in that environment. A series of experiments will be run to discriminate among different models of learning. The experiments will be set up to investigate Bayesian learning, regression learning, and learning with heuristic learning rules. The experimental market in which the data are generated is a sealed-bid market with suppliers who determine output and simulated demanders. This research is important because learning theories are central to many current issues in economic theory. in addition, this research will provide a deeper understanding about the formation of rational expectations.