Showing 1 - 10 of 16
Persistent link: https://www.econbiz.de/10012873099
We survey work using Bayesian learning in macroeconomics, highlighting common themes and new directions. First, we present many of the common types of learning problems agents face---signal extraction problems---and trace out their effects on macro aggregates, in different strategic settings....
Persistent link: https://www.econbiz.de/10012660016
Persistent link: https://www.econbiz.de/10012631485
Persistent link: https://www.econbiz.de/10012806009
Persistent link: https://www.econbiz.de/10012592688
This paper suggests a solution to the puzzling finding documented in Moskowitz and Vissing-Jorgensen (2002) that the return to an index of private equity is equal to the return to the CRSP index of public equity even though investment in private firms is substantially riskier. It presents an...
Persistent link: https://www.econbiz.de/10005085472
Recent empirical findings have emphasized post entry growth of survivors, as opposed to exit of inefficient and small firms, as the main source of growth over time in the average size of a cohort of entering firms. One proposed explanation for the post entry growth of survivors is financing...
Persistent link: https://www.econbiz.de/10004977923
We study how a continuum of agents learn about disseminated information in a dynamic beauty contest model when they do not observe aggregate variables, such as prices or quantities, but randomly observe each other's actions. We solve for the market equilibrium and find that the average learning...
Persistent link: https://www.econbiz.de/10004977935
This paper studies the following problem. An agent takes actions based on a possibly misspecified model. The agent is 'large', in the sense that his actions influence the model he is trying to learn about. The agent is aware of potential model misspecification and tries to detect it, in...
Persistent link: https://www.econbiz.de/10005069271
We study adoption of a costly new technology when the profitability of the new technique differs over individuals and there is uncertainty about these individual-specific differences. We establish that such individual-specific uncertainty results in a financing constraint when debt contracts are...
Persistent link: https://www.econbiz.de/10005069329