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Competing for Customers in a Social Network
Dubey, Pradeep; Garg, Rahul; Meyer, Bernard De - Cowles Foundation for Research in Economics, Yale University - 2006
these situations as games in which firms compete for customers located in a "social network." Nash Equilibrium (NE) in pure … firms are blockaded at an NE, while the rest compete uniformly throughout the network. We also explore the relation between … underlying the social network. Finally we consider convex (instead of linear) cost functions for the firms. Here NE need not be …
Persistent link: https://www.econbiz.de/10005593259
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Efficient Recommender Systems
Bergemann, Dirk; Ozmen, Deran - Cowles Foundation for Research in Economics, Yale University - 2006
We study the efficient allocation of buyers in the presence of recommender systems. A recommender system affects the market in two ways: (i) it creates value by reducing product uncertainty for the customers and hence (ii) its recommendations can be offered as add-ons, which generates...
Persistent link: https://www.econbiz.de/10005593236
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Optimal Pricing with Recommender Systems
Bergemann, Dirk; Ozmen, Deran - Cowles Foundation for Research in Economics, Yale University - 2006
We study optimal pricing in the presence of recommender systems. A recommender system affects the market in two ways: (i) it creates value by reducing product uncertainty for the customers and hence (ii) its recommendations can be offered as add-ons which generate informational externalities....
Persistent link: https://www.econbiz.de/10005593425
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Buying Locally
Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry - Cowles Foundation for Research in Economics, Yale University - 2015
“Buy local” arrangements encourage members of a community or group to patronize one another rather than the external economy. They range from formal mechanisms such as local currencies to informal “I’ll buy from you if you buy from me” arrangements, and are often championed on social...
Persistent link: https://www.econbiz.de/10011196015
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Time Series Modelling with a Bayesian Frame of Reference: 1. Concepts and Illustrations
Phillips, Peter C.B.; Ploberger, Werner - Cowles Foundation for Research in Economics, Yale University - 1991
This paper offers a general approach to time series modeling that attempts to reconcile classical and methods. The central idea put forward to achieve reconciliation is that the Bayesian approach relies implicitly a frame of reference for the data generating mechanism that is quite different...
Persistent link: https://www.econbiz.de/10005087400
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Wald Revisited: The Optimal Level of Experimentation
Moscarini, Giuseppe; Smith, Lones - Cowles Foundation for Research in Economics, Yale University - 1998
This paper revisits Wald's (1947) sequential experimentation paradigm, now assuming that an impatient decision maker can run variable-size experiments each period at some increasing and strictly convex cost before finally choosing an irreversible action. We translate this natural discrete time...
Persistent link: https://www.econbiz.de/10005762616
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Forecasting New Zealand's Real GDP
Schiff, Aaron F.; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2000
Recent time series methods are applied to the problem of forecasting New Zealand's real GDP. Model selection is conducted within autoregressive (AR) and vector autoregressive (VAR) classes, allowing for evolution in the form of the models over time. The selections are performed using the Schwarz...
Persistent link: https://www.econbiz.de/10005196023
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Jeffreys Prior Analysis of the Simultaneous Equations Model in the Case with n+1 Endogenous Variables
Chao, John C.; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 1998
This paper analyzes the behavior of posterior distributions under the Jeffreys prior in a simultaneous equations model. The case under study is that of a general limited information setup with n + 1 endogenous variables. The Jeffreys prior is shown to give rise to a marginal posterior density...
Persistent link: https://www.econbiz.de/10005463888
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Comment on 'To Criticize the Critics,' by Peter C. B. Phillips
Sims, Christopher A. - Cowles Foundation for Research in Economics, Yale University - 1991
In his paper "To Criticize the Critics" (1991), Peter Phillips discusses Bayesian methodology for time series models. The main point that Uhlig and I set out to make, however, was that careful consideration of the implications of the likelihood principle suggests that much of the recent work...
Persistent link: https://www.econbiz.de/10005463934
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Posterior Odds Testing for a Unit Root with Data-Based Model Selection
Phillips, Peter C.B.; Ploberger, Werner - Cowles Foundation for Research in Economics, Yale University - 1992
The Kalman filter is sued to derive updating equations for the Bayesian data density in discrete time linear regression models with stochastic regressors. The implied "Bayes model" has time varying parameters and conditionally heterogeneous error variances. A sigma-finite "Bayes model" measure...
Persistent link: https://www.econbiz.de/10005593185