Showing 1 - 10 of 139
This note constructs an efficient mechanism for finding the best candidate for a committee from a sequence of potential candidates. Committee members have independent private values information about the quality of the candidate. The mechanism selects the best candidate according to the standard...
Persistent link: https://www.econbiz.de/10014186581
This paper studies the design of a recommender system for organizing social learning on a product. To improve … incentives for early experimentation, the optimal design trades off fully transparent social learning by over-recommending a …
Persistent link: https://www.econbiz.de/10013023470
We analyse strategic experimentation in which information arrives through fully revealing, publicly observable “breakdowns.” With hidden actions, there exists a unique equilibrium that involves randomization over stopping times. This randomization induces belief disagreement on the...
Persistent link: https://www.econbiz.de/10013027130
This paper examines social learning when only one of the two types of decisions is observable. Because agents arrive …, as in the standard model, learning is complete if and only if signals are unbounded. If signals are bounded, cascades may …
Persistent link: https://www.econbiz.de/10014201514
Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently … shows that there is a fundamental statistical identification problem in trying to separate learning from exogenous … technological change and that the estimated learning coefficient will generally be biased upwards. Second, we present two empirical …
Persistent link: https://www.econbiz.de/10014211678
This paper shows that linking a sufficiently large number of independent but unrelated social decisions can achieve approximate efficiency. We provide regularity conditions under which a Groves mechanism amended with a veto game implements an efficient outcome with probability arbitrarily close...
Persistent link: https://www.econbiz.de/10012774203
This paper studies the optimal provision mechanism for multiple excludable public goods when agents' valuations are private information. For a parametric class of problems with binary valuations, we characterize the optimal mechanism, and show that it involves bundling. Bundling alleviates the...
Persistent link: https://www.econbiz.de/10012774204
This paper examines the history of U.S. infrastructure since 1929 and in the process reports an interesting fact about the U.S. economy. Infrastructure as a percent of GDP began a steady decline around 1970, and the government budget deficit became positive and large at roughly the same time....
Persistent link: https://www.econbiz.de/10012865187
Climate change remains one of the major international environmental challenges facing nations. Yet nations have to date taken minimal policies to slow climate change. Moreover, there has been no major improvement in emissions trends as of the latest data. The current study uses the updated DICE...
Persistent link: https://www.econbiz.de/10012977936
In this paper we develop an approach to measuring inequality and poverty that recognizes the fact that individuals within households may have both different preferences and differential access to resources. We argue that a measure based on estimates of the sharing rule is inadequate as an...
Persistent link: https://www.econbiz.de/10013053289