Showing 1 - 10 of 427
The purpose of this paper is to show how institutional and evolutionary economics provide better insights as to whysome firms survive and others do not than does neoclassical economics. At the heart of the evolutionary theory isthe view that new firms are a manifestation of diversity and that...
Persistent link: https://www.econbiz.de/10010533203
Different theories of expectation formation and learning usually yield different outcomes for realized market prices in … dynamic models. The purpose of this paper is to investigate expectation formation and learning in a controlled experimental …
Persistent link: https://www.econbiz.de/10011333266
We study the impact of advice or observation on the depth of reasoning in an experimental beauty-contest game. Both sources of information trigger faster convergence to the equilibrium. Yet, we find that subjects who receive naïve advice outperform uninformed subjects permanently, whereas...
Persistent link: https://www.econbiz.de/10011350357
that while the possibility of learning increases activism,the existence of political instability distorts learning … political parties does not always decreaseactive learning. In the case with endogenous elections we find that electoral concerns …
Persistent link: https://www.econbiz.de/10011316875
We study social learning in a social network setting where agents receive independent noisy signals about the truth …
Persistent link: https://www.econbiz.de/10011801379
We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting...
Persistent link: https://www.econbiz.de/10011334835
The novelty of our model is to combine models of collective action on networks with models of social learning. Agents …
Persistent link: https://www.econbiz.de/10010227321
Persistent link: https://www.econbiz.de/10003314828
, 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 good and bad model forecasts. We summarise how this learning is done in … connection with machine learning. We illustrate our suggestion using results from Ba̧stürk, Borowska, Grassi, Hoogerheide, and …
Persistent link: https://www.econbiz.de/10011895574
We develop a simple model that describes individuals’ self-assessments oftheir abilities. We assume that individuals learn about their abilities from appraisalsof others and experience. Our model predicts that if communicationis imperfect, then (i) appraisals of others tend to be too positive,...
Persistent link: https://www.econbiz.de/10011348342