ABSTRACT
This chapter explores models of learning from behavioural economics. ‘To learn’ is defi ned in the Concise Oxford English Dictionary as ‘to gain knowledge of or skill in by study, experience or being taught’. So learning is about updating knowledge but, as Camerer (2003b) observes, economic theory sometimes neglects questions of learning. If knowledge is perfect and people are strictly rational, then the correct choice can be identifi ed from the start, and people will jump from one equilibrium to the next only when information changes.
