Séminaire Microéconomie : Tous les mercredis
Heure : 12h15 – 13h30
Date : 08/04/2026
Salle : 3001

Raphael LEVY (HEC) – “Changing fundamentals and the dynamics of social learning” Raphaël Lévy, Marcin Peski, Nicolas Vieille

CV : We study an economy in which agents learn about a changing environment through observational learning. Because past actions may reflect outdated fundamentals, social information must be complemented by fresh private information about the current state. We characterize the steady-state equilibrium and show that welfare may rise when fundamentals change more frequently, because more rapid change disciplines social learning: agents rely more on their own information and herd less. We also characterize the dynamics of aggregate behavior, uncertainty, and disagreement following changes in fundamentals. In the good state, where agents tend to choose actions that generate more information for others, adjustment is slower and aggregate behavior more volatile, while uncertainty is lower and disagreement is higher.

Organisateurs :

Julien COMBE (Pôle d’Economie du CREST)
​​​​​​​​​​​​Yves Le YAOUANQ (Pôle d’Economie du CREST)

Commanditaires :
CREST