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Endogenous public information and welfare
Vives, Xavier - 2011
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009153832
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Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity
Manzano Tovar, Carolina; Vives, Xavier - 2010
We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...
Persistent link: https://www.econbiz.de/10003994517
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Counter intuitive learning : an exploratory study
Hanaki, Nobuyuki; Kirman, Alan P.; Pezanis-Christou, Paul - 2016
The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results. But, in some cases, success requires shifting from a currently successful actions to others. We examine, experimentally and theoretically in a very simple framework, how...
Persistent link: https://www.econbiz.de/10011517970
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Rationality, irrationality and economic cognition
Whalley, John (contributor) - 2005
This paper contrasts the modern use of the assumption that rationality guides individual economic behaviour, as … notions of rationality based on the availability of information, ability to reason (cognitive skills), and even morality …. Learning played a major role in individuals achieving what was referred to as complete rationality. I draw on these ideas, and …
Persistent link: https://www.econbiz.de/10002756346
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Boundedly rational decision emergence : a general perspective and some selective illustrations
Güth, Werner - 2000
A general framework is described specifying how boundedly rational decision makers generate their choices. Starting from a Master Module which keeps an inventory of previously successful and unsuccessful routines several submodules can be called forth which either allow one to adjust behavior...
Persistent link: https://www.econbiz.de/10009781608
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Homo oeconomicus as the homo moralis' party pooper : heterogenous morality in public good games
Eichner, Thomas; Runkel, Marco - 2024
The main insight of this paper is that moral behavior does not necessarily alleviate coordination problems or may even worsen them, if individuals possess different degrees of morality. We characterize heterogenous Alger-Weibull morality preferences in a canonical model of voluntary...
Persistent link: https://www.econbiz.de/10014632345
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International environmental agreements with uncertainty, learning and risk aversion
Finus, Michael; Pintassilgo, Pedro; Ulph, Alistair - 2014
This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success of IEA formation when countries are risk neutral and...
Persistent link: https://www.econbiz.de/10010234539
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Policy experimentation, political competition, and heterogeneous beliefs
Millner, Antony; Ollivier, Hélène; Simon, Leo K. - 2014
We consider a two period model in which an incumbent political party chooses the level of a current policy variable unilaterally, but faces competition from a political opponent in the future. Both parties care about voters payoffs, but they have different beliefs about how policy choices will...
Persistent link: https://www.econbiz.de/10010366185
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Strategic experimentation : the case of poisson bandits
Cripps, Martin; Keller, Godfrey; Rady, Sven - 2002
This paper studies a game of strategic experimentation in which the players have access to two-armed bandits where the risky arm distributes lumpsum payoffs according to a Poisson process with unknown intensity. Because of free-riding, there is an inefficiently low level of experimentation in...
Persistent link: https://www.econbiz.de/10011410236
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Ultimatum game behavior in a social-preferences vacuum chamber
Benndorf, Volker; Grosse Brinkhaus, Thomas; Siemens, … - 2021
We study strategic interaction in an experimental social-preferences vacuum chamber. We mute social preferences by letting participants knowingly interact with computers. Our new design allows for indirect strategic interaction: there are several waves in which computer players inherit the...
Persistent link: https://www.econbiz.de/10012612955