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Updating ambiguity averse preferences
Hanany, Eran (contributor); Klibanoff, Peter (contributor) - 2008
Dynamic consistency leads to Bayesian updating under expected utility. We ask what it implies for the updating of more general preferences. In this paper, we characterize dynamically consistent update rules for preference models satisfying ambiguity aversion. This characterization extends to...
Persistent link: https://www.econbiz.de/10003782136
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Evolution of time preferences and attitudes toward risk
Netzer, Nick - In: The American economic review 99 (2009) 3, pp. 937-955
Persistent link: https://www.econbiz.de/10003863215
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Social and private learning with endogenous decision timing
Jamison, Julian; Owens, David; Woroch, Glenn A. - 2009
Firms often face choices about when to upgrade and what to upgrade to. We discuss this in the context of upgrading to a new technology (for example, a new computer system), but it applies equally to the upgrading of processes (for example, a new organizational structure) or to individual choices...
Persistent link: https://www.econbiz.de/10003882877
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Decision rules for experts with opposing interests
Mylovanov, Tymofiy; Zapechelnyuk, Andriy - 2010
This paper studies optimal decision rules for a decision maker who can consult two experts in an environment without monetary payments. This extends the previous work by Holmström (1984) and Alonso and Matouschek (2008) who consider environments with one expert. In order to derive optimal...
Persistent link: https://www.econbiz.de/10008746179
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Decision making and learning in a globalizing world
Swank, Otto H.; Visser, Bauke - 2010
We study two aspects of globalization. It allows a decision-maker to go beyond his own local experience and to learn from other decision-makers in addressing common problems. This improves the identification and diffusion of best practices. It also provides extra information to `markets' that...
Persistent link: https://www.econbiz.de/10011380142
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On the identification of the costs of simultaneous search
Moraga-González, José Luis; Sandor, Zsolt; … - 2011 - Revised: May 2011
This paper studies the identification of the costs of simultaneous search in portfolio problems (Chade and Smith, 2006 …). We show that market shares data from a single market do not provide sufficient information to identify the search cost … markets wherethe alternatives that similar decision makers confront vary, the search cost distribution and theutility …
Persistent link: https://www.econbiz.de/10011380935
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Buying online : sequential decision making by shopbot visitors
Dulleck, Uwe; Hackl, Franz; Weiss, Bernhard; … - 2008
. Although in such a market a consumer will typically search for the cheapest price for a given product, reliability and service …
Persistent link: https://www.econbiz.de/10009735349
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Learning and collusion in new markets with uncertain entry costs
Bloch, Francis; Fabrizi, Simona; Lippert, Steffen - 2011
This paper analyses an entry timing game with uncertain entry costs. Two firms receive costless signals about the cost of a new project and decide when to invest. We characterize the equilibrium of the investment timing game with private and public signals. We show that competition leads the two...
Persistent link: https://www.econbiz.de/10009409636
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Environmental catastrophes under time-inconsistent preferences
Michielsen, Thomas - 2013
I analyze optimal natural resource use in an intergenerational model with the risk of a catastrophe. Each generation maximizes a weighted sum of discounted utility (positive) and the probability that a catastrophe will occur at any point in the future (negative). The model generates time-...
Persistent link: https://www.econbiz.de/10009757402
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Cautious belief formation
Bleile, Jörg - 2014
We provide an axiomatic approach to a belief formation process in an informational environment characterized by limited, heterogenous and differently precise information. For a list of previously observed cases an agent needs to express her belief by assigning probabilities to possible outcomes....
Persistent link: https://www.econbiz.de/10010356678