19 citations · 26 across the 17 of their papers we have counts for
4 papers · 1 filter
Learning and Equilibrium under Model Misspecification
Ignacio Esponda, Demian Pouzo
This chapter develops a unified framework for studying misspecified learning situations in which agents optimize and update beliefs within an incorrect model of their environment.…
Characterizing Optimality in Dynamic Settings: A Monotonicity-based Approach
Zhuokai Huang, Demian Pouzo, Andrés Rodríguez-Clare
We develop a novel analytical method for studying optimal paths in dynamic optimization problems under general monotonicity conditions. The method centers on a locator function --…
Berk-Nash Rationalizability
Ignacio Esponda, Demian Pouzo
We introduce Berk--Nash rationalizability, a set-valued counterpart to Berk--Nash equilibrium for environments in which agents may hold misspecified models. A set of behaviors is s…
Asymptotic Behavior of Bayesian Learners with Misspecified Models
Ignacio Esponda, Demian Pouzo, Yuichi Yamamoto
We consider an agent who represents uncertainty about the environment via a possibly misspecified model. Each period, the agent takes an action, observes a consequence, and uses Ba…