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Bayesian Learning
Baley, Isaac; Veldkamp, Laura - National Bureau of Economic Research - 2021
We survey work using Bayesian learning in macroeconomics, highlighting common themes and new directions. First, we present many of the common types of learning problems agents face---signal extraction problems---and trace out their effects on macro aggregates, in different strategic settings....
Persistent link: https://www.econbiz.de/10012660016
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Bayesian Learning in Social Networks
Acemoglu, Daron - 2008
We study the perfect Bayesian equilibrium of a model of learning over a general social network. Each individual receives a signal about the underlying state of the world, observes the past actions of a stochastically-generated neighborhood of individuals, and chooses one of two possible actions....
Persistent link: https://www.econbiz.de/10012464607
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Fast and Slow Learning From Reviews
Acemoglu, Daron - 2017
This paper develops a model of Bayesian learning from online reviews, and investigates the conditions for asymptotic learning of the quality of a product and the speed of learning under different rating systems. A rating system provides information about reviews left by previous customers. A...
Persistent link: https://www.econbiz.de/10012453667
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Reconsidering Contractual Liability and the Incentive to Reveal Information
Bebchuk, Lucian Arye - 1999
In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...
Persistent link: https://www.econbiz.de/10012471688
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Privatization, Information and Incentives
Sappington, David E. M. - 1987
In this paper, the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two mod-...
Persistent link: https://www.econbiz.de/10012476874
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Alternative Compensation Arrangements and Productive Efficiency in Partnerships : Evidence from Medical Group Practice
Gaynor, Martin - 1987
or responsiveness to financial incentives. In the frontier literature productive efficiency is assumed to be exogenously … with theoretical work on internal theory of the firm, which predicts that productivity compensation schemes will work well … production, as theory has hypothesized. The number of members in a group decreases both the quantity produced and the efficiency …
Persistent link: https://www.econbiz.de/10012476899
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Country Risk and Incentives Schemes
Aizenman, Joshua - 1986
The purpose of this paper is to address the role of endogenous default penalties that are contingent upon the intensity of default on the part of the borrowing nation, and to evaluate the effects of contingency plans that make the interest rate dependent upon variables that are correlated with...
Persistent link: https://www.econbiz.de/10012477039
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Incentives and Wage Rigidity
Lazear, Edward P. - 1984
rigid than pay that is not designed to effect incentives. Some have gone so far as to argue that this may explain … differences in unemployment rates across countries. it is shown that there is no direct link between incentives and wage rigidity …. Many compensation schemes that provide incentives have the reverse effect: That is, they tend to make wages more rigid than …
Persistent link: https://www.econbiz.de/10012477796
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Work Incentive Effects of Taxing Unemployment Benefits
Solon, Gary - 1984
Before 1979, unemployment insurance (UI) benefits were not treated as taxable income in the United States. Several economists criticized this policy on the ground that not taxing UI benefits while taxing earned income allegedly encourages unemployed persons to conduct longer than socially...
Persistent link: https://www.econbiz.de/10012477837
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Economic Incentives to Retire : A Qualitative Choice Approach
Mitchell, Olivia S. - 1983
This paper addresses two questions:(1) Are older persons' retirement ages significantly affected by the opportunities for income from earnings,private pensions, and Social Security and for leisure at alternative retirement ages?; and (2) How large are the estimated responses? Our approach to...
Persistent link: https://www.econbiz.de/10012478006