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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
We study information acquisition and dynamic withdrawal decisions when a spreading rumor exposes a solvent bank to a run. Uncertainty about the bank's liquidity and potential failure motivates depositors who hear the rumor to acquire additional noisy signals. Depositors with less informative...
Persistent link: https://www.econbiz.de/10012460148
This paper analyzes individual decisions to participate in an activity and the aggregation of those decisions when individuals gather information about the outcomes and choices of (a few) others in their social network. In this environment, aggregate participation rates are generally...
Persistent link: https://www.econbiz.de/10012469735
We examine innovative contexts like scientific research or technical R&D where agents must search across many potential projects of varying and uncertain returns. Is it better to possess incomplete but accurate data on the value of some projects, or might there be cases where it is better to...
Persistent link: https://www.econbiz.de/10014544680
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
Economic interactions, such as crowdfunding, often involve sequential actions, observational learning, and contingent project implementation. We incorporate all-or-nothing thresholds in a canonical model of information cascades. Early supporters effectively delegate their decisions to a...
Persistent link: https://www.econbiz.de/10013537714
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 view, also has implications for entrepreneurial search: the process by …
Persistent link: https://www.econbiz.de/10014528358
To understand new information, we exchange models or interpretations with others. This paper provides a framework for thinking about such social exchanges of models. The key assumption is that people adopt the interpretation in their network that best explains the data, given their prior...
Persistent link: https://www.econbiz.de/10013462690
We propose a general equilibrium model where two special interest groups (SIGs) compete to influence public opinion. Citizens with heterogeneous priors over a binary state of the world receive reports drawn from a continuous message space by a variety of sources. The two opposite SIGs attempt to...
Persistent link: https://www.econbiz.de/10014322801
acquire information suboptimally; there is little correlation between the revealed utility gain from improved decision making …
Persistent link: https://www.econbiz.de/10014372499