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Dynamic pricing in the presence of individual learning
Weng, Xi - In: Journal of Economic Theory 155 (2015) C, pp. 262-299
This paper studies price dynamics in a setting in which a monopolist sells a new experience good over time to many buyers, and the seller can neither price discriminate among the buyers nor commit to a price rule. Buyers learn from their own experiences about the effectiveness of the product....
Persistent link: https://www.econbiz.de/10011189761
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Channel Coordination with a Risk-Neutral Supplier and a Downside-Risk-Averse Retailer
Gan, Xianghua - 2008
We investigate how a supply chain involving a risk-neutral supplier and a downside-risk-averse retailer can be coordinated with a supply contract. We show that the standard buy-back or revenue-sharing contracts may not coordinate such a channel. Using a definition of coordination of supply...
Persistent link: https://www.econbiz.de/10012772799
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Approachability with delayed information
Lagziel, David; Lehrer, Ehud - In: Journal of Economic Theory 157 (2015) C, pp. 425-444
We consider a sequential decision problem where the decision maker is informed of the actual payoff with delay. We introduce a new condition, which generalizes the condition given by Blackwell and ensures that the decision maker can approach a fixed closed and convex set under delay. We show how...
Persistent link: https://www.econbiz.de/10011263587
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Asset Pricing under Rational Learning about Rare Disasters
Koulovatianos, Christos; Wieland, Volker - C.E.P.R. Discussion Papers - 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10009201120
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Costly information transmission in continuous time with implications for credit rating announcements
Wang, Hefei - In: Journal of Economic Dynamics and Control 36 (2012) 9, pp. 1402-1413
This paper formulates a continuous-time information transmission model in which an altruistic sender privately observes a stochastic state variable, and incurs a communication cost when she broadcasts a message. We characterize the sender's optimal announcement strategy using an ordinary...
Persistent link: https://www.econbiz.de/10010599361
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Keeping Your options Open
Forand, Jean Guillaume - Department of Economics, University of Waterloo - 2013
In standard models of experimentation, the costs of project development consist of (a) the direct cost of running … experimentation cost, the cost of holding on to the option of developing a currently inactive project, has not been studied. In a … multi-armed bandit model of experimentation in which inactive projects have explicit maintenance costs and can be …
Persistent link: https://www.econbiz.de/10011171651
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Asset pricing under rational learning about rare disasters
Koulovatianos, Christos; Wieland, Volker - House of Finance, Goethe Universität Frankfurt am Main - 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors’ information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10010982194
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A Multiple-Factor Approach to Comparing Technical Performance for Risk Assessment.
Klein, J.H.; Cork, R.B. - Economics Division, University of Southampton - 1996
This paper describes an approach to assessing the technical performance of a candidate system by means of comparison to a reference system of known performance characteristics.
Persistent link: https://www.econbiz.de/10005640621
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Un nouveau test des theories des choix risques.
Blondel, S. - Théorie et Applications en Microéconomie et … - 1996
Supposer que la diversite des choix correspond a des erreurs par rapport a un modele entraine des termes d'erreurs econometriques trop importants. Nous supposons au contraire que les individus ont des fonction encodees par des parametres individuels. A l'issue d'une simulation stochastique, les...
Persistent link: https://www.econbiz.de/10005625384
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Optimal Design for Social Learning
Che, Yeon-Koo; Horner, Johannes - Cowles Foundation for Research in Economics, Yale University - 2015
incentives for early experimentation, the optimal design trades off fully transparent social learning by over-recommending a … recommendations may become optimal if a (socially-benevolent) designer does not observe the agents’ costs of experimentation. …
Persistent link: https://www.econbiz.de/10011272683