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Adaptive social learning
March, Christoph - 2016
The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly interact in social-learning settings with distinct information structures. In each round of interaction, they use their experience gained in past rounds to draw inferences from...
Persistent link: https://www.econbiz.de/10011434567
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Altruistic observational learning
March, Christoph; Ziegelmeyer, Anthony - 2016
We report two information cascade game experiments that directly test the impact of altruism on observational learning. Participants interact in two parallel sequences, the observed and the unobserved sequence. Only the actions of the observed entail informational benefits to subsequent...
Persistent link: https://www.econbiz.de/10011436128
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Excessive herding in the laboratory : the role of intuitive judgments
March, Christoph; Ziegelmeyer, Anthony - 2018
actions that contradict their high quality signals they herd more extensively than predicted by Bayes-rational herding …-Bayesian updating and informational misinferences are the two channels that drive excessive herding, while the strong (resp. mild … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …
Persistent link: https://www.econbiz.de/10011789104
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Dynamic trading and asset prices : Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - 2009
We investigate the dynamics of prices, information and expectations in a competitive, noisy, dynamic asset pricing equilibrium model. We show that prices are farther away from (closer to) fundamentals compared with average expectations if and only if traders over- (under-) rely on public...
Persistent link: https://www.econbiz.de/10003897551
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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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The micro dynamics of macro announcements
Mittnik, Stefan; Robinzonov, Nikolay; Wohlrabe, Klaus - 2013
We examine how regularly scheduled macroeconomic announcements for the U.S., Germany and the euro area affect the German stock market, using high-frequency, minute-by-minute DAX data. Our study extends the literature on high-frequency announcement effects in several ways. First, we account for...
Persistent link: https://www.econbiz.de/10010190208
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Learning to export from neighbors
Fernandes, Ana; Tang, Heiwai - 2014
This paper studies how learning from neighboring firms affects new exporters' performance and dynamics. We develop a statistical decision model in which a firm updates its prior belief about demand of a foreign market based on the number of neighbors currently selling there, the level and...
Persistent link: https://www.econbiz.de/10010256701
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Young people, skills and cities
Peri, Giovanni - 2001
Young highly educated workers developed in the 70 s and 80 s a preference for working in larger cities. As a consequence highly educated young workers in 1990 were over-represented in cities, in spite of the lower wage premium they earned for working in crowded metropolitan areas if compared to...
Persistent link: https://www.econbiz.de/10011408390
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Some evolutionary foundations for price level rigidity
Saint-Paul, Gilles - 2002
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10011409938
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Do pilot and demonstration projects work?
Blackburn, Christopher J.; Flowers, Mallory E.; … - 2018
Pilot and demonstration (P&D) projects are commonly deployed to catalyze early adoption of technology, but are poorly understood in terms of mechanism and impact. We conceptually distinguish unique functions of pilots and demonstrations, then examine whether they accelerate green building...
Persistent link: https://www.econbiz.de/10011903898