experience levels due to imperfect information. We believe this represents a significant reinterpretation of the empirical …

information about worker ability as the incumbent firm. I develop a model of asymmetric learning that nests the symmetric learning … find strong support for asymmetric information. I first exploit the fact that groups of workers differ in their variances … interest in my model representing the degree to which information is asymmetric. My estimates imply that in one period, outside …

tenure. The option value generated by the acquisition of more information is key to understanding firm dynamics as the … trade, but their effectiveness crucially depends on the speed of learning. …

's actions are publicly observed and generate output, and hence information about the match quality. Despite the absence of … private information, uncertainty about match quality creates a holdup problem causing inefficiencies in relational contracts … yield both a lower payoff and less information than another action. Yet, such actions may be a modest way to learn about the …

warn of costly and drawn out firm-level adjustments to contemporary regime changes, such as the US-China Trade War, COVID19 …

agents to coordinate on it through this learning scheme in the absence of substantive rationality and perfect information …

quality of information can either raise or lower equilibrium price. I also extend the model so that the seller chooses both …

for the information spillover from exploration. The optimal strategy is to continuously explore unknown alternatives near …