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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
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
outperform uninformed subjects permanently, whereas subjects who observe others’ past behavior before making their decision do …
Persistent link: https://www.econbiz.de/10011350357
learning strategy will be used, because each performs better when it is less popular. Despite that, clustering may occur if … players choose their learning strategy on the basis of largely similar information. Finally, on average players will play Hawk …
Persistent link: https://www.econbiz.de/10011348697
We study a model of collective decision making with endogenous information collection.Agents collect information about … decision is made. The reason for this result is that communicationmay aggravate the free-rider problem associated with …
Persistent link: https://www.econbiz.de/10011325966
This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …
Persistent link: https://www.econbiz.de/10011590425
Price-level targeting (PLT) is optimal under the fully-informed rational expectations (FIRE) benchmark but lacks empirical support. Given the hurdles to the implementation of macroeconomic field experiments, we utilize a laboratory group experiment - where expectations are elicited from human...
Persistent link: https://www.econbiz.de/10014280056
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 develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by …
Persistent link: https://www.econbiz.de/10011334835