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decision-making and willingness to share in the context of a personal financial decision. Content geared toward giving better … deception have externalities on other peoples' literacy and decision-making. Our work has important implications for policies …
Persistent link: https://www.econbiz.de/10012458397
We study the perfect Bayesian equilibrium of a model of learning over a general social network. Each individual … characterize the conditions under which there will be asymptotic learning -- that is, the conditions under which, as the social … unbounded (meaning that the implied likelihood ratios are unbounded), there will be asymptotic learning as long as there is some …
Persistent link: https://www.econbiz.de/10012464607
We analyze the behavior of game-show contestants who play a one-shot game called Friend or Foe. While it is a weakly dominant strategy not to cooperate, almost half the contestants on the show choose to play friend.' Remarkably, the behavior of contestants remains unchanged even when stakes are...
Persistent link: https://www.econbiz.de/10012468893
. In this paper, we explore the consequences of improved prediction in decision-making. To do so, we adapt existing models … of decision-making under uncertainty to account for the process of determining payoffs. We label this process of … on whether the improvements in prediction enable automated decision-making. We discuss the implications of improved …
Persistent link: https://www.econbiz.de/10012453471
Cognitive Economics is the economics of what is in people's minds. It is a vibrant area of research (much of it within Behavioral Economics, Labor Economics and the Economics of Education) that brings into play novel types of data--especially novel types of survey data. Such data highlight the...
Persistent link: https://www.econbiz.de/10012457832
. For all members of the Federal Open Market Committee (FOMC) since 1951, we estimate an adaptive learning rule based on …
Persistent link: https://www.econbiz.de/10012455453
We examine how machine learning can be used to improve and understand human decision-making. In particular, we focus on … a decision that has important policy consequences. Millions of times each year, judges must decide where defendants will … await trial--at home or in jail. By law, this decision hinges on the judge's prediction of what the defendant would do if …
Persistent link: https://www.econbiz.de/10012455502
investigate this claim using a simple model of Bayesian learning. Two individuals with different priors observe the same infinite … behavior in a range of circumstances. We illustrate how the type of learning outlined in this paper interacts with economic …
Persistent link: https://www.econbiz.de/10012466013
We explore a model of non-Bayesian information aggregation in networks. Agents non-cooperatively choose among Friedkin-Johnsen type aggregation rules to maximize payoffs. The DeGroot rule is chosen in equilibrium if and only if there is noiseless information transmission...leading to consensus....
Persistent link: https://www.econbiz.de/10013190991
We examine how a social stigma of seeking information can inhibit learning. Consider a Seeker of uncertain ability who … whether a Seeker's ability is revealed to the paired Advisor, irrespective of the seeking decision. We find that low …
Persistent link: https://www.econbiz.de/10012480821