We develop a theory of resource management where the degree to which countries escape the tragedy of the commons is … at any world price, have zero rents and suffer from the tragedy of the commons. Ostrom economies exhibit de facto open …

Most economic analyses presume that there are limited differences in the prior beliefs of individuals, as assumption … investigate this claim using a simple model of Bayesian learning. Two individuals with different priors observe the same infinite …"---i.e., as we look at the limit where uncertainty about the interpretation of the signals disappears. When the family of …

dynamic models that allow for heterogeneity among firms and idiosyncratic (or firm specific) sources of uncertainty. It has … models in which the idiosyncratic uncertainty is due to the random outcomes of each firm's research process (we also allow …

This paper develops a model of Bayesian learning from online reviews, and investigates the conditions for asymptotic … learning of the quality of a product and the speed of learning under different rating systems. A rating system provides … to leave a review as a function of her overall satisfaction. We study learning dynamics under two classes of rating …

-parametric tests of behavior consistent with the tragedy of the commons model. Our approach derives testable implications of such … to panel data of Norwegian fishers, we find evidence rejecting the tragedy of the commons model. Significantly, we find … commons …

Welfare Economics. A key theme of Cognitive Economics is finite cognition (often misleadingly called "bounded rationality …

Common resources may be managed with inefficient policies for the sake of equity. We study how rationing the commons …