When offered a new product whose attributes are unknown, customers can determine whether they like the product by trying it themselves or can wait to observe the experience of other customers who try the product. We specify a rational decision process and investigate the implications of learning...

Interviewer is Professor Bertil Holmlund, Uppsala University.

This Nobel lecture discusses the microeconometric analysis of choice behavior of consumers who face discrete economic alternatives.Before the 1960's, economists used economic theory mostly as a logical tool, to explore conceptually the properties of alternative market organizations and economic...

My wife Beverlee Tito Simboli and I married in 1962. We have three grown children, Nina, Robert, and Raymond, and three grandchildren, Emily, Anne, and Daniel William. Beverlee is a photographer who is best known for her large-format Polaroid works with industrial and abstract subjects. She is...

This paper considers parametric estimation problems with independent, identically nonregularly distributed data. It focuses on rate efficiency, in the sense of maximal possible convergence rates of stochastically bounded estimators, as an optimality criterion, largely unexplored in parametric...