Showing 1 - 10 of 37
The paper studies a learning model in which information about a worker's ability can be acquired symmetrically by the … showing that the equilibria of interest are strategically equivalent to the solution of an experimentation problem (a … tasks, provide a sufficiently accurate measure of ability. We then examine the strategic effects of the dynamics of learning …
Persistent link: https://www.econbiz.de/10005063711
We solve in closed form the optimal consumption / portfolio choice problem for the class of isoelastic utility functions under incomplete information about the mean return of the stock price. Our approach consists in converting the original investor's problem into an equivalent program where the...
Persistent link: https://www.econbiz.de/10005129785
methodology to distinguish between these two explanations. The methodology rests on the learning-by-doing and the changes in the …
Persistent link: https://www.econbiz.de/10005130197
In this paper we experimentally investigate decentralized, organizational learning. The main objective is to understand … how learning members of an organization cope with the confounding effects of the simultaneous learning of others. We use … versions of a simple "success-or-failure" game due to Blume and Franco [2003] as our stylized model of organizational learning …
Persistent link: https://www.econbiz.de/10005342236
This paper analyzes a stochastic model of evolution in normal form games. The long-run behavior of individuals in this model is investigated in the limit where mutation rates tend to zero, while the expected number of mutations, and hence population sizes, tend to infinity. It is shown that...
Persistent link: https://www.econbiz.de/10005129796
A parental seller with market power to some degree in its product market can earn rents. In this context, there is a gain to granting credit for the purchase of the product and thus the establishment of captive finance company for expanding the sales by offering loans to consumers who need...
Persistent link: https://www.econbiz.de/10005086411
This paper examines learning by migrating effects on the productivity of migrants who move to the ``megalopolis" from … framework to empirically test for self-selection on the migration decision and learning by migrating. The role of the …
Persistent link: https://www.econbiz.de/10005086427
controlling inflation with adaptive learning of the approximate Phillips curve, alternative to the one considered by Cho, Williams … algorithm, which describes dynamics with learning in this problem, by the limiting continuous-time process (diffusion). We …
Persistent link: https://www.econbiz.de/10005063547
We study how firm boundaries are affected by the reduction in search costs when business-to-business electronic markets are adopted. Our paper analyzes a multi-tier industry in which upstream parts suppliers incur procurement search costs, and downstream manufacturers incur incentive contracting...
Persistent link: https://www.econbiz.de/10005063689
controlling inflation with adaptive learning of the approximate Phillips curve, alternative to the one considered by Cho, Williams … algorithm, which describes dynamics with learning in this problem, by the limiting continuous-time process (diffusion). We …
Persistent link: https://www.econbiz.de/10005063760