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Berk–Nash Equilibrium: A Framework for Modeling Agents With Misspecified Models

Citations

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Cited by:

  1. Larry Samuelson & Jakub Steiner, 2024. "Robust latent data representations," ECON - Working Papers 460, Department of Economics - University of Zurich, revised Jul 2025.
  2. Daria Fedyaeva & Georgy Lukyanov & Hannah Tolli'e, 2025. "Learning to Unlearn: Education as a Remedy for Misspecified Beliefs," Papers 2510.24735, arXiv.org.
  3. Alex Rees-Jones & Dmitry Taubinsky, 2020. "Measuring “Schmeduling”," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(5), pages 2399-2438.
  4. Norman, Thomas W.L., 2022. "The possibility of Bayesian learning in repeated games," Games and Economic Behavior, Elsevier, vol. 136(C), pages 142-152.
  5. In-Koo Cho & Kenneth Kasa, 2017. "Gresham's Law of Model Averaging," American Economic Review, American Economic Association, vol. 107(11), pages 3589-3616, November.
  6. Schipper, Burkhard C., 2021. "Discovery and equilibrium in games with unawareness," Journal of Economic Theory, Elsevier, vol. 198(C).
  7. Jehiel, Philippe & Samuelson, Larry, 2023. "The analogical foundations of cooperation," Journal of Economic Theory, Elsevier, vol. 208(C).
  8. Diego Alejandro Murillo Taborda, 2021. "Nonlinear Pricing with Misspecified and Arbitrary Perception of the Marginal Price," Papers 2104.10281, arXiv.org.
  9. Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023. "Three Layers of Uncertainty," Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2209-2236.
  10. Joseph Y. Halpern & Evan Piermont & Marie-Louise Viero, 2026. "Unintended Consequences: Updating Causal Models," Papers 2603.09387, arXiv.org.
  11. Spiegler, Ran, 2022. "On the behavioral consequences of reverse causality," European Economic Review, Elsevier, vol. 149(C).
  12. Geoffroy de Clippel & Kareen Rozen, 2020. "Relaxed Optimization: e-Rationalizability and the FOC-Departure Index in Consumer Theory," Working Papers 2020-07, Brown University, Department of Economics.
  13. Jeanne Hagenbach & Frédéric Koessler, 2019. "Partial Language Competence," Working Papers hal-03393108, HAL.
  14. Berman, Ron & Heller, Yuval, 2020. "Naive Analytics Equilibrium," MPRA Paper 103824, University Library of Munich, Germany.
  15. Eliaz, Kfir & Spiegler, Ran & Weiss, Yair, 2019. "Cheating with (recursive) models," CEPR Discussion Papers 14100, C.E.P.R. Discussion Papers.
  16. Philippe Jehiel, 2022. "Analogy-Based Expectation Equilibrium and Related Concepts:Theory, Applications, and Beyond," Working Papers halshs-03735680, HAL.
  17. Esponda, Ignacio & Pouzo, Demian & Yamamoto, Yuichi, 2021. "Asymptotic behavior of Bayesian learners with misspecified models," Journal of Economic Theory, Elsevier, vol. 195(C).
  18. Aislinn Bohren & Daniel Hauser, 2017. "Bounded Rationality And Learning: A Framwork and A Robustness Result," PIER Working Paper Archive 17-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2017.
  19. Pierre Dubois & Ariel Pakes, 2026. "Pharmaceutical Advertising in Dynamic Equilibrium," NBER Working Papers 35025, National Bureau of Economic Research, Inc.
  20. Ignacio Esponda & Emanuel Vespa & Sevgi Yuksel, 2024. "Mental Models and Learning: The Case of Base-Rate Neglect," American Economic Review, American Economic Association, vol. 114(3), pages 752-782, March.
  21. Benjamin Davies & Anirudh Sankar, 2025. "The value of conceptual knowledge," Papers 2509.09170, arXiv.org, revised Feb 2026.
  22. Kfir Eliaz & Ran Spiegler, 2020. "A Model of Competing Narratives," American Economic Review, American Economic Association, vol. 110(12), pages 3786-3816, December.
  23. Hestermann, Nina & Le Yaouanq, Yves, 2018. "It\'s not my Fault! Self-Confidence and Experimentation," Rationality and Competition Discussion Paper Series 124, CRC TRR 190 Rationality and Competition.
  24. Ran Spiegler, 2023. "Behavioral Causal Inference," Papers 2305.18916, arXiv.org.
  25. Philippe Jehiel & Konrad Mierendorff, 2021. "Auction Design with Data-Driven Misspecifications," Papers 2107.00640, arXiv.org.
  26. Kubler, Felix & Scheidegger, Simon, 2023. "Uniformly self-justified equilibria," Journal of Economic Theory, Elsevier, vol. 212(C).
  27. Alfonso Maselli, 2025. "Misspecification Averse Preferences," PIER Working Paper Archive 25-010, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  28. Cristián Sánchez, 2025. "Equilibrium Consequences of Vouchers Under Simultaneous Extensive and Intensive Margins Competition," Working Papers Central Bank of Chile 1038, Central Bank of Chile.
  29. Jose Luis Montiel Olea & Pietro Ortoleva & Mallesh M Pai & Andrea Prat, 2019. "Competing Models," Papers 1907.03809, arXiv.org, revised Nov 2021.
  30. repec:spo:wpecon:info:hdl:2441/3b2230a4419v9ojcpu27tsdrtb is not listed on IDEAS
  31. Federico Echenique & Anqi Li, 2025. "Implicit Incentive Provision with Misspecified Learning," Papers 2512.01129, arXiv.org.
  32. repec:spo:wpmain:info:hdl:2441/3b2230a4419v9ojcpu27tsdrtb is not listed on IDEAS
  33. Philippe Choné & Laurent Linnemer, 2022. "A Class of Behavioral Models for the Profit-Maximizing Firm," CESifo Working Paper Series 9718, CESifo.
  34. Drew Fudenberg & Kevin He, 2018. "Learning and Type Compatibility in Signaling Games," Econometrica, Econometric Society, vol. 86(4), pages 1215-1255, July.
  35. Levy, Gilat & Razin, Ronny, 2022. "Combining forecasts in the presence of ambiguity over correlation structures," Journal of Economic Theory, Elsevier, vol. 199(C).
  36. Yingkai Li & Argyris Oikonomou, 2024. "Dynamics and Contracts for an Agent with Misspecified Beliefs," Papers 2405.20423, arXiv.org.
  37. Gamp, Tobias & Krähmer, Daniel, 2022. "Biased Beliefs in Search Markets," Rationality and Competition Discussion Paper Series 365, CRC TRR 190 Rationality and Competition.
  38. Ran Spiegler, 2020. "Can Agents with Causal Misperceptions be Systematically Fooled?," Journal of the European Economic Association, European Economic Association, vol. 18(2), pages 583-617.
  39. Eliaz, Kfir & Spiegler, Ran, 0. "News media as suppliers of narratives (and information)," Theoretical Economics, Econometric Society.
  40. Yingkai Li & Aleksandrs Slivkins, 2022. "Exploration and Incentivizing Participation in Randomized Trials," Papers 2202.06191, arXiv.org, revised Jan 2026.
  41. Karol Mazur, 2021. "A note on pessimism in education and its economic consequences," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 19(4), pages 773-783, December.
  42. Pooya Molavi & Alireza Tahbaz-Salehi & Andrea Vedolin, 2024. "Model Complexity, Expectations, and Asset Prices," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(4), pages 2462-2507.
  43. Paul Heidhues & Botond Koszegi & Philipp Strack, 2023. "Misinterpreting Yourself," Cowles Foundation Discussion Papers 2378, Cowles Foundation for Research in Economics, Yale University.
  44. Fudenberg, Drew & Romanyuk, Gleb & Strack, Philipp, 2017. "Active learning with a misspecified prior," Theoretical Economics, Econometric Society, vol. 12(3), September.
  45. repec:cam:camjip:2232 is not listed on IDEAS
  46. Marek Weretka & Daniel Quint, 2022. "Slope-takers in anonymous markets," GRAPE Working Papers 64, GRAPE Group for Research in Applied Economics.
  47. Christensen, Else & Murooka, Takeshi, 2019. "Procrastination and Learning about Self-Control," Rationality and Competition Discussion Paper Series 192, CRC TRR 190 Rationality and Competition.
  48. Cho, In-Koo & Libgober, Jonathan, 2025. "Learning underspecified models," Journal of Economic Theory, Elsevier, vol. 226(C).
  49. Xinyu Dai & Daniel Chen & Yian Qian, 2026. "Dynamic Decision-Making under Model Misspecification: A Stochastic Stability Approach," Papers 2602.17086, arXiv.org.
  50. Mira Frick & Ryota Iijima & Yuhta Ishii, 2018. "Dispersed Behavior and Perceptions in Assortative Societies," Cowles Foundation Discussion Papers 2128R3, Cowles Foundation for Research in Economics, Yale University, revised Jun 2022.
  51. Giampaolo Bonomi, 2023. "The Disagreement Dividend," Papers 2308.06607, arXiv.org, revised Jul 2024.
  52. Gagnon-Bartsch, Tristan & Bushong, Benjamin, 2022. "Learning with misattribution of reference dependence," Journal of Economic Theory, Elsevier, vol. 203(C).
  53. Hossain, Tanjim & Okui, Ryo, 2024. "Belief formation under signal correlation," Games and Economic Behavior, Elsevier, vol. 146(C), pages 160-183.
  54. Duarte Gonc{c}alves, 2022. "Sequential Sampling Equilibrium," Papers 2212.07725, arXiv.org, revised Nov 2023.
  55. Fudenberg, Drew & He, Kevin, 2021. "Player-compatible learning and player-compatible equilibrium," Journal of Economic Theory, Elsevier, vol. 194(C).
  56. Ignacio Esponda & Demian Pouzo, 2017. "Conditional Retrospective Voting in Large Elections," American Economic Journal: Microeconomics, American Economic Association, vol. 9(2), pages 54-75, May.
  57. Jordi Mondria & Xavier Vives & Liyan Yang, 2022. "Costly Interpretation of Asset Prices," Management Science, INFORMS, vol. 68(1), pages 52-74, January.
  58. Aislinn Bohren & Daniel Hauser, 2018. "Social Learning with Model Misspeciification: A Framework and a Robustness Result," PIER Working Paper Archive 18-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Jul 2018.
  59. Simon Cordes & Max Müller, 2026. "Do Firms Know What Workers Want?," CRC TR 224 Discussion Paper Series crctr224_2025_739, University of Bonn and University of Mannheim, Germany.
  60. Philippe Jehiel & Erik Mohlin, 2023. "Categorization in Games: A Bias-Variance Perspective," Working Papers halshs-04154272, HAL.
  61. Florian Mudekereza, 2026. "Motivating Innovation with Misspecified Contracts," Papers 2602.18879, arXiv.org.
  62. Stone, Daniel, 2018. "Just a big misunderstanding? Bias and Bayesian affective polarization," SocArXiv 58sru, Center for Open Science.
  63. Pooya Molavi, 2025. "The Empirical Content of Bayesian Updating under Misspecification," Papers 2507.22775, arXiv.org, revised Mar 2026.
  64. Mira Frick & Ryota Iijima & Yuhta Ishii, 2023. "Belief Convergence under Misspecified Learning: A Martingale Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(2), pages 781-814.
  65. Ran Spiegler, 2017. "“Data Monkeys”: A Procedural Model of Extrapolation from Partial Statistics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(4), pages 1818-1841.
  66. Geoffroy de Clippel & Kareen Rozen, 2018. "Consumer Theory with Misperceived Tastes," Working Papers 2018-10, Brown University, Department of Economics.
  67. Simon Gleyze & Philippe Jehiel, 2023. "Expectation Formation, Local Sampling and Belief Traps: A new Perspective on Education Choices," Working Papers halshs-04154324, HAL.
  68. Ignacio Esponda & Demian Pouzo, 2026. "Learning and Equilibrium under Model Misspecification," Papers 2601.09891, arXiv.org.
  69. Kfir Eliaz & Ran Spiegler, 2024. "News Media as Suppliers of Narratives (and Information)," Papers 2403.09155, arXiv.org.
  70. Razin, Ronny & Levy, Gilat & Young, Alwyn, 2022. "Misspecified politics and the recurrence of populism," LSE Research Online Documents on Economics 112544, London School of Economics and Political Science, LSE Library.
  71. Fudenberg, Drew & He, Kevin, 2020. "Payoff information and learning in signaling games," Games and Economic Behavior, Elsevier, vol. 120(C), pages 96-120.
  72. Fudenberg, Drew & Gao, Ying & Pei, Harry, 2022. "A reputation for honesty," Journal of Economic Theory, Elsevier, vol. 204(C).
  73. Steiner, Jakub & Netzer, Nick & Robson, Arthur & Kocourek, Pavel, 2021. "Endogenous Risk Attitudes," CEPR Discussion Papers 16190, C.E.P.R. Discussion Papers.
  74. V. Bhaskar & Caroline Thomas, 2019. "The Culture of Overconfidence," American Economic Review: Insights, American Economic Association, vol. 1(1), pages 95-110, June.
  75. Christopher P. Chambers & Peng Liu & Ruodu Wang, 2025. "A duality between utility transforms and probability distortions," Theory and Decision, Springer, vol. 99(4), pages 757-779, December.
  76. Isaac Loh & Gregory Phelan, 2019. "Dimensionality And Disagreement: Asymptotic Belief Divergence In Response To Common Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(4), pages 1861-1876, November.
  77. Florian Mudekereza, 2025. "Aggregate Efficiency in Games," Papers 2501.13019, arXiv.org, revised Feb 2026.
  78. Liqui Lung, C. W., 2022. "Optimal Self-Screening and the Persistence of Identity-Driven Choices," Cambridge Working Papers in Economics 2274, Faculty of Economics, University of Cambridge.
  79. J. Aislinn Bohren & Daniel N. Hauser, 2023. "Behavioral Foundations of Model Misspecification," PIER Working Paper Archive 23-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  80. Spiegler, Ran, 2018. "News and Archival Information in Games," CEPR Discussion Papers 12805, C.E.P.R. Discussion Papers.
  81. Clyde, Alexander, 2025. "Proxy variables and feedback effects in decision making," Games and Economic Behavior, Elsevier, vol. 153(C), pages 408-429.
  82. Hagenbach, Jeanne & Koessler, Frédéric, 2017. "The Streisand effect: Signaling and partial sophistication," Journal of Economic Behavior & Organization, Elsevier, vol. 143(C), pages 1-8.
  83. Battigalli, P. & Francetich, A. & Lanzani, G. & Marinacci, M., 2019. "Learning and self-confirming long-run biases," Journal of Economic Theory, Elsevier, vol. 183(C), pages 740-785.
  84. Spiegler, Ran, 2021. "Modeling players with random “data access”," Journal of Economic Theory, Elsevier, vol. 198(C).
  85. Ba, Cuimin & Gindin, Alice, 2023. "A multi-agent model of misspecified learning with overconfidence," Games and Economic Behavior, Elsevier, vol. 142(C), pages 315-338.
  86. Glazer, Jacob & Rubinstein, Ariel, 2024. "Making predictions based on data: Holistic and atomistic procedures," Journal of Economic Theory, Elsevier, vol. 216(C).
  87. Olivier Compte, 2023. "Belief formation and the persistence of biased beliefs," Papers 2310.08466, arXiv.org.
  88. Simone Cerreia†Vioglio & Lars Peter Hansen & Fabio Maccheroni & Massimo Marinacci, 2020. "Making Decisions under Model Misspecification," Working Papers 2020-103, Becker Friedman Institute for Research In Economics.
  89. Filippo Massari & Jonathan Newton, 2026. "Rational beliefs when the truth is not an option," International Journal of Game Theory, Springer;Game Theory Society, vol. 55(1), pages 1-26, June.
  90. repec:osf:osfxxx:vfqy2_v1 is not listed on IDEAS
  91. He, Kevin & Libgober, Jonathan, 2025. "Misspecified learning and evolutionary stability," Journal of Economic Theory, Elsevier, vol. 230(C).
  92. Kevin He & Jonathan Libgober, 2025. "Higher-Order Beliefs and (Mis)learning from Prices," PIER Working Paper Archive 25-018, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  93. Ellis, Andrew & Spiegler, Ran, 2024. "Identifying Assumptions and Research Dynamics," CEPR Discussion Papers 19112, C.E.P.R. Discussion Papers.
  94. Yingkai Li & Harry Pei, 2020. "Misspecified Beliefs about Time Lags," Papers 2012.07238, arXiv.org.
  95. Phuong Ho, 2023. "Nonlinear pricing, biased consumers, and regulatory policy," Journal of Economics, Springer, vol. 138(2), pages 149-164, March.
  96. Fudenberg, Drew & Lanzani, Giacomo, 2023. "Which misspecifications persist?," Theoretical Economics, Econometric Society, vol. 18(3), July.
  97. Ely, Jeffrey C., 0. "Ruth, anthony, and clarence," Theoretical Economics, Econometric Society.
  98. Olivier Compte, 2023. "Learned Collusion," Papers 2304.12647, arXiv.org, revised May 2025.
  99. He, Kevin, 2022. "Mislearning from censored data: The gambler's fallacy and other correlational mistakes in optimal-stopping problems," Theoretical Economics, Econometric Society, vol. 17(3), July.
  100. Jonathan Gehle & Ferdinand A. von Siemens & Ferdinand von Siemens, 2024. "Social Preferences, Trust, and Communication when the Truth Hurts," CESifo Working Paper Series 11181, CESifo.
  101. Joshua Schwartzstein & Adi Sunderam, 2021. "Using Models to Persuade," American Economic Review, American Economic Association, vol. 111(1), pages 276-323, January.
  102. Mira Frick & Ryota Iijima & Yuhta Ishii, 2018. "Dispersed Behavior and Perceptions in Assortative Societies," Cowles Foundation Discussion Papers 2128R2, Cowles Foundation for Research in Economics, Yale University, revised Oct 2021.
  103. In-Koo Cho & Kenneth Kasa, 2017. "Model Averaging and Persistent Disagreement," Review, Federal Reserve Bank of St. Louis, vol. 99(3), pages 279-294.
  104. Mira Frick & Ryota Iijima & Yuhta Ishii, 2020. "Misinterpreting Others and the Fragility of Social Learning," Econometrica, Econometric Society, vol. 88(6), pages 2281-2328, November.
  105. Bowen, T. Renee & Galperti, Simone & Dmitriev, Danil, 2021. "Learning from Shared News: When Abundant Information Leads to Belief Polarization," CEPR Discussion Papers 15789, C.E.P.R. Discussion Papers.
  106. Cerreia-Vioglio, Simone & Maccheroni, Fabio & Schmeidler, David, 2022. "Equilibria of nonatomic anonymous games," Games and Economic Behavior, Elsevier, vol. 135(C), pages 110-131.
  107. Carbajal, Juan Carlos & Nachbar, John, 2025. "Robust personal equilibrium effects in misspecified causal models," Journal of Mathematical Economics, Elsevier, vol. 118(C).
  108. Andrew Ellis & Heidi Christina Thysen, 2021. "Subjective Causality in Choice," Papers 2106.05957, arXiv.org, revised Mar 2025.
  109. Bohren, Aislinn & Hauser, Daniel, 2017. "Learning with Heterogeneous Misspecified Models: Characterization and Robustness," CEPR Discussion Papers 12036, C.E.P.R. Discussion Papers.
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