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Learning, public good provision, and the information trap
Berentsen, Aleksander; Bruegger, Esther; Loertscher, Simon - Institut für Volkswirtschaftslehre, … - 2008
We consider an economy where decision maker(s) do not know the true production function for a public good. By using Bayes rule they can learn from experience. We show that the economy may learn the truth, but that it may also converge to an inefficient policy where no further inference is...
Persistent link: https://www.econbiz.de/10005585619
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Learning in Repeated Games without Repeating the Game
Leoni, Patrick - Institut für Volkswirtschaftslehre, …
This paper extends the convergence result on Bayesian learning in Kalai and Lehrer (1993a, 1993b) to a class of games …
Persistent link: https://www.econbiz.de/10005627896
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Market Power, Survival and Accuracy of Predictions in Financial Markets
Leoni, Patrick - Institut für Volkswirtschaftslehre, …
This paper aims to show that the market selection hypothesis in finance is not solely driven by the competitiveness of such markets, as was originally claimed by Alchian [1] and Friedman [4]. Within a standard intertemporal General Equilibrium framework, we allow for an agent to have enough...
Persistent link: https://www.econbiz.de/10005760924
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Learning in and about Games
Gerber, Anke - Institut für Volkswirtschaftslehre, …
’ payoffs. In a laboratory experiment we investigate whether players (a) learn the game they are playing, (b) learn to predict … show that the success in learning the opponent’s type depends on the characteristics of the true game. The learning success … equilibrium and we observe no correlation between equilibrium play and learning about the game. …
Persistent link: https://www.econbiz.de/10005184880
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Happiness Research: State and Prospects
Frey, Bruno S. - Institut für Volkswirtschaftslehre, …
Distortions in memory impose important bounds on rationality but have been largely disregarded in economics. While it is possible to learn, it is more difficult, and sometimes impossible, to unlearn. This retention effect lowers individual utility directly or via reduced productivity, and adds...
Persistent link: https://www.econbiz.de/10005184893
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War signals: a theory of trade, trust and conflict
Rohner, Dominic; Thoenig, Mathias; Zilibotti, Fabrizio - Institut für Volkswirtschaftslehre, … - 2011
We construct a dynamic theory of civil conflict hinging on inter-ethnic trust and trade. The model economy is inhabitated by two ethnic groups. Inter-ethnic trade requires imperfectly observed bilateral investments and one group has to form beliefs on the average propensity to trade of the other...
Persistent link: https://www.econbiz.de/10008925606
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Models
Marti, Maria Saez - Institut für Volkswirtschaftslehre, … - 2010
I construct a theory of cultural transmission in which culture acquisition takes place in two stages, first in the family where parents transmit their own culture, and later in society where children are exposed to a wider set of cultural models. The role of models is to provide information...
Persistent link: https://www.econbiz.de/10008568451
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Betting on Own Knowledge: Experimental Test of Overconfidence
Blavatskyy, Pavlo R. - Institut für Volkswirtschaftslehre, … - 2008
This paper presents a new incentive compatible method for measuring confidence in own knowledge. This method consists of two parts. First, an individual answers several general knowledge questions. Second, the individual chooses among three alternatives: 1) one question is selected at random and...
Persistent link: https://www.econbiz.de/10005463538
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Turning a blind eye, but not the other cheek: on the robustness of costly punishment
Weber, Roberto A.; Xiao, Erte; Kriss, Peter H. - Institut für Volkswirtschaftslehre, … - 2015
-social acts? In a laboratory experiment, we find that third parties punish reluctantly: they state a preference to punish, but …
Persistent link: https://www.econbiz.de/10011122271
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Generosity across contexts
Weber, Roberto A.; Davis, Alexander L.; Jehli, Nadja R.; … - Institut für Volkswirtschaftslehre, … - 2011
Extensive research in economics explores generosity in monetary allocations. However, generosity often involves the allocation of non-monetary goods or experiences. Existing evidence suggests that generosity may be higher in such contexts, though no direct comparison exists. Here, we compare...
Persistent link: https://www.econbiz.de/10011203012