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Social Learning and Selective Attention
Caplin, Andrew - 2015
popularity. Information externalities render the chosen set smaller than socially optimal. This rationalizes antitrust policies …
Persistent link: https://www.econbiz.de/10012457666
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
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(Pro-) Social Learning and Strategic Disclosure
Bénabou, Roland; Vellodi, Nikhil - National Bureau of Economic Research - 2024
We study a sequential experimentation model with endogenous feedback. Agents choose between a safe and risky action, the latter generating stochastic rewards. When making this choice, each agent is selfishly motivated (myopic). However, agents can disclose their experiences to a public record,...
Persistent link: https://www.econbiz.de/10014544761
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You Can Lead a Horse to Water : Spatial Learning and Path Dependence in Consumer Search
Hodgson, Charles; Lewis, Gregory - National Bureau of Economic Research - 2023
We develop and estimate a model of consumer search with spatial learning. Consumers make inferences from previously searched objects to unsearched objects that are nearby in attribute space, generating path dependence in search sequences. The estimated model rationalizes patterns in data on...
Persistent link: https://www.econbiz.de/10014372454
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Not Learning from Others
Conlon, John; Mani, Malavika; Rao, Gautam; Ridley, Matthew - National Bureau of Economic Research - 2022
We provide evidence of a powerful barrier to social learning: people are much less sensitive to information others discover compared to equally-relevant information they discover themselves. In a series of incentivized lab experiments, we ask participants to guess the color composition of balls...
Persistent link: https://www.econbiz.de/10013362032
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Learning, Diversity and Adaptation in Changing Environments : The Role of Weak Links
Acemoglu, Daron; Ozdaglar, Asuman E.; Pattathil, Sarat - National Bureau of Economic Research - 2023
Adaptation to dynamic conditions requires a certain degree of diversity. If all agents take the best current action, learning that the underlying state has changed and behavior should adapt will be slower. Diversity is harder to maintain when there is fast communication between agents, because...
Persistent link: https://www.econbiz.de/10014287315
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Consumption Externalities and Diffusion in Pharmaceutical Markets : Antiulcer Drugs
Berndt, Ernst R. - 2000
We examine the role of consumption externalities in the demand for pharmaceuticals at both the brand level and over a … data for H2-antagonist antiulcer drugs to estimate a dynamic demand model and quantify these effects. The model has three … equations describing the dynamic adjustment process. We find that consumption externalities influence both valuations and rates …
Persistent link: https://www.econbiz.de/10012470978
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Tax Externalities of Equity Mutual Funds
Shoven, John B. - 2000
capital gain position of the fund. This paper's simulations show that these externalities are important determinants of the …
Persistent link: https://www.econbiz.de/10012471098
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External Treatment Effects and Program Implementation Bias
Philipson, Tomas J. - 2000
This paper discusses the definition and identification of external treatment effects and experimental designs capable of detecting these effects. External effects occur when the outcome of a given individual is affected by the treatment assignments of other individuals. The paper argues that...
Persistent link: https://www.econbiz.de/10012471322
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Pecuniary & Market Mediated Externalities : Towards a General Theory of the Welfare Economics & Economies with Imperfect Information & Incomplete Mrkts
Greenwald, Bruce C. - 1984
This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …
Persistent link: https://www.econbiz.de/10012477791