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Demand Learning and Firm Dynamics : Evidence from Exporters

Berman, Nicolas - 2015

This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple … model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets … their beliefs following a new demand shock, the younger they are. To test this learning mechanism, we make use of a specific …

Persistent link: https://www.econbiz.de/10013023259

Saving and learning : theory and evidence from saving for child’s college

Zhu, Junyi - 2012

This paper analyzes the main uncertainty of college saving - the child’s ability - in the context of the saving with learning model. The first section develops a dynamic model combining asset accumulation and learning to explain the parents’ forward-looking saving behavior when they are...

Persistent link: https://www.econbiz.de/10009625571

CEO Wage Dynamics : Estimates from a Learning Model

Taylor, Lucian A. - 2020

The level of Chief Executive Oﬃcer (CEO) pay responds asymmetrically to good and bad news about the CEO's ability. The average CEO captures approximately half of the surpluses from good news, implying CEOs and shareholders have roughly equal bargaining power. In contrast, the average CEO bears...

Persistent link: https://www.econbiz.de/10012857523

Financial crisis and slow recovery with Bayesian learning agents

Horii, Ryo; Ono, Yoshiyasu - 2020

In a simple continuous-time model where the learning process affects the willingness to hold liquidity, we provide an intuitive explanation of business cycle asymmetry and post-crisis slow recovery. When observing a liquidity shock, individuals rationally increase their subjective probability of...

Persistent link: https://www.econbiz.de/10012195742

The Perils of the Learning Model for Modeling Endogenous Technological Change

Nordhaus, William D. - 2009

Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently been introduced in policy models of energy and global warming economics to make the process of technological change endogenous. It is not widely appreciated that this is a...

Persistent link: https://www.econbiz.de/10014211678

Do Investors Learn About Analyst Accuracy? A Study of the Oil Futures Market

Chang, Charles - 2010

We study the impact of analyst forecasts on prices to determine whether investors learn about analyst accuracy. The straight-forward relationship between supply and price, the economic importance of the market, the predictable timing of forecast error realizations, and the high frequency of the...

Persistent link: https://www.econbiz.de/10013149433