Pfajfar, D.; Santoro, E. - Faculty of Economics, University of Cambridge - 2008
test for rationality and to study learning dynamics across the whole cross-sectional spectrum of responses. These display a … side of the median (RHS), we can affirm that their expectations are consistent with adaptive learning and staggered … information updating. However, the speed of learning can vary significantly across percentiles and di¤erent demographic groups. …