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Non-common priors, incentives, and promotions : the role of learning
Fahn, Matthias; Klein, Nicolas Alexandre - 2023
We analyze a repeated principal-agent setting in which the principal cares about the agent's verifiable effort as well as an extra profit that can be generated only if the agent is talented. The agent is overconfident about his talent and updates beliefs using Bayes' rule. An exploitation...
Persistent link: https://www.econbiz.de/10014292070
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Attention and selection effects
Ambuehl, Sandro; Ockenfels, Axel; Stewart, Colin - 2018
Who participates in transactions when information about the consequences must be learned? We show theoretically that decision makers for whom acquiring and processing information is more costly respond more strongly to changes in incentive payments for participating and decide to participate...
Persistent link: https://www.econbiz.de/10011863553
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Taxation of firms with unknown mobility
Becker, Johannes; Schneider, Andrea - 2012
We analyze the optimal tax choices of a revenue-maximizing government that levies taxes from firms of which the true degree of mobility is ex ante unknown. Differential tax treatment of immobile and mobile firms is ruled out, but the government may learn from the firms' location responses to...
Persistent link: https://www.econbiz.de/10009683252
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Forecast density combinations with dynamic learning for large data sets in economics and finance
Casarin, Roberto; Grassi, Stefano; Ravazzollo, Francesco; … - 2019
A flexible forecast density combination approach is introduced that can deal with large data sets. It extends the mixture of experts approach by allowing for model set incompleteness and dynamic learning of combination weights. A dimension reduction step is introduced using a sequential...
Persistent link: https://www.econbiz.de/10011989086
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Learning to average predictively over good and bad : comment on : using stacking to average Bayesian predictive distributions
Hoogerheide, Lennart; Dijk, Herman K. van - 2018
We suggest to extend the stacking procedure for a combination of predictive densities, proposed by Yao, Vehtari, Simpson, and Gelman(2018), to a setting where dynamic learning occurs about features of predictive densities of possibly misspecified models. This improves the averaging process of...
Persistent link: https://www.econbiz.de/10011895574
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The self-perception theory vs. a dynamic learning model
Swank, Otto H. - 2006
motivation may undermine intrinsic motivation. The self-perception (SP) theory developed by Bem (1972) explains this finding. The … crux of this theory is that people remember their past decisions and the extrinsic rewards they received, but they do not … recall their intrinsic motives. In this paper I show that the SP theory can be modeled as a variant of a conventional dynamic …
Persistent link: https://www.econbiz.de/10011349711
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Reverse Bayesianism : revising beliefs in light of unforeseen events
Becker, Christoph; Melkonyan, Tigran A.; Proto, Eugenio; … - 2020
Bayesian Updating is the dominant theory of learning in economics. The theory is silent about how individuals react to …
Persistent link: https://www.econbiz.de/10012307444
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Wage structure and the incentive effect of promotions
Herpen, Marco van; Cools, Cornelis; Praag, Mirjam van - 2004
This paper studies wage structure characteristics and their incentive effects within one firm. Based on personnel records and an employee survey, we provide evidence that wages are attached to jobs and that promotions play a dominant role as a wage determinant. We furthermore show that a...
Persistent link: https://www.econbiz.de/10011337995
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Incentives and creativity in groups
Ramm, Joachim; Tjøtta, Sigve; Torsvik, Gaute - 2013
It has been argued that monetary incentives restrain individual creativity and hamper performance in jobs requiring out … also when individuals work together to solve such problems. We do not find a negative impact of incentives on group … performance. As a comparison we ran the same experiment (the Candle Problem) with and without incentives for individuals as well …
Persistent link: https://www.econbiz.de/10009786022
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I spy with my little eye... a banking crisis : early warnings and incentive schemes in banks
Hakenes, Hendrik; Schlegel, Friederike - 2014
incentives to implement such a trigger? We construct a theoretical model of a bank that is financed with debt and equity, and a …. However, we show that the board may implement a contract with insufficient incentives to communicate a warning, as refinancing …
Persistent link: https://www.econbiz.de/10010467356