Showing 1 - 10 of 132
. 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/10010294006
. 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/10010294849
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/10010325803
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/10010325869
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/10010266275
A strategy profile of a game is called robustly stochastically stable if it is stochastically stable for a given behavioral model independently of the specification of revision opportunities and tie-breaking assumptions in the dynamics. We provide a simple radius-coradius result for robust...
Persistent link: https://www.econbiz.de/10010316846
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/10010280752
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/10010280918
Sometimes we believe that others receive harmful information.However, Marschak’s value of information framework alwaysassigns non-negative value under expected utility: it starts from the decisionmaker’s beliefs – and one can never anticipate information’s harmfulnessfor oneself. The...
Persistent link: https://www.econbiz.de/10009005043
We experimentally explore individual and interactive decision making ina sequential search task and test whether …)adequately explain the observed search behavior. Subjects can, at acost, employ screening and selection methods facilitating their search … experimentation. Contrary to popular theoriesof sequential search, aspiration levels are set below the maximum valueof all previously …
Persistent link: https://www.econbiz.de/10005866656