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Disentangling Exploration from Exploitation
Lizzeri, Alessandro; Shmaya, Eran; Yariv, Leeat - National Bureau of Economic Research - 2024
Starting from Robbins (1952), the literature on experimentation via multi-armed bandits has wed exploration and exploitation. Nonetheless, in many applications, agents' exploration and exploitation need not be intertwined: a policymaker may assess new policies different than the status quo; an...
Persistent link: https://www.econbiz.de/10014544703
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Theory-Driven Entrepreneurial Search
Chavda, Ankur; Gans, Joshua; Stern, Scott - National Bureau of Economic Research - 2024
How should theory-based entrepreneurs search for strategies to implement their ideas? The theory-based view of strategy posits that decision-makers hold theories about their environment premised on beliefs that should be actively tested. This causal framework, which underlies the theory-based...
Persistent link: https://www.econbiz.de/10014528358
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Platform Information Provision and Consumer Search : A Field Experiment
Fang, Lu; Chen, Yanyou; Farronato, Chiara; Yuan, Zhe; … - National Bureau of Economic Research - 2024
Despite substantial efforts to help consumers search in more intuitive ways, text search remains the predominant tool for product discovery online. In this paper, we explore the effects of visual and textual cues for search refinement on consumer search and purchasing behavior. We collaborate...
Persistent link: https://www.econbiz.de/10014486191
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Information Aversion
Andries, Marianne - 2017
The main features of households' attention to savings are rationalized by a model of information aversion, a preference …-based fear of receiving flows of news. In line with the empirical evidence, information averse investors observe the value of … volatile stock prices. The model also explains how changes in information frequencies affect risk-taking decisions, as observed …
Persistent link: https://www.econbiz.de/10012453756
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Evolution of Risk Aversion over Five Years after a Major Natural Disaster
Ingwersen, Nicholas; Frankenberg, Elizabeth; Thomas, Duncan - National Bureau of Economic Research - 2023
The impact of exposure to a major unanticipated natural disaster on the evolution of survivors' attitudes toward risk is examined, exploiting plausibly exogenous variation in exposure to the 2004 Indian Ocean tsunami in combination with rich population-representative longitudinal survey data...
Persistent link: https://www.econbiz.de/10014250120
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Looming Large or Seeming Small? Attitudes Towards Losses in a Representative Sample
Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie; … - National Bureau of Economic Research - 2022
We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant, with many participants accepting negative-expected-value gambles. This is counter to earlier...
Persistent link: https://www.econbiz.de/10013334460
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Sorting under Risk Sharing and Complementarities
Chade, Hector; Lindenlaub, Ilse - National Bureau of Economic Research - 2024
How does the presence of risk sharing affect sorting patterns on productive attributes when there are complementarities among partners' skills in match output? We develop a matching model in which risk-averse agents, who differ in skills, match pairwise for productive purposes. Match output has...
Persistent link: https://www.econbiz.de/10014468251
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One Size Doesn't Fit All : Heterogeneous Depositor Compensation During Periods of Uncertainty
Artavanis, Nikolaos; Paravisini, Daniel; Robles-Garcia, … - National Bureau of Economic Research - 2022
We develop a new approach to identify different categories of depositors during periods of uncertainty and quantify their compensation to remain in the bank. We isolate withdrawals due to liquidity needs, deterioration of fundamentals, and expectation about withdrawal behavior of other...
Persistent link: https://www.econbiz.de/10013362023
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Cognitive Imprecision and Stake-Dependent Risk Attitudes
Khaw, Mel Win; Li, Ziang; Woodford, Michael - National Bureau of Economic Research - 2022
In an experiment that elicits subjects' willingness to pay (WTP) for the outcome of a lottery, we confirm the fourfold pattern of risk attitudes described by Kahneman and Tversky. In addition, we document a systematic effect of stake sizes on the magnitude and sign of the relative risk premium,...
Persistent link: https://www.econbiz.de/10013388772
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Shared Models in Networks, Organizations, and Groups
Schwartzstein, Joshua; Sunderam, Adi - National Bureau of Economic Research - 2022
To understand new information, we exchange models or interpretations with others. This paper provides a framework for … than they were before. Our results shed light on why disagreements persist as new information arrives, as well as the goal …
Persistent link: https://www.econbiz.de/10013462690