So far, we have focused our attention on static, one-period analyses of economic behavior under risk. This has two important limitations. First, it does not capture the dynamic aspects of most decision-making processes. Second, it basically treats uncertainty as a given. In fact, uncertainty is only what decision-makers have not had a chance to learn before they make a decision. This suggests that an important aspect of risk management is information acquisition: The more an agent can learn about his/her economic environment, the less uncertainty he/she faces. We have delayed the analysis of learning for a simple reason. It is a very complex process (e.g., different individuals often process and retain information differently). In this chapter, we develop a multiperiod analysis to investigate the implications of learning for risk management and dynamic decision-making. We focus on individual decisions, leaving the analysis of risk transfers among individuals for the following chapters.