Similar Search Results

Information Unraveling Revisited : Disclosure of Horizontal Attributes

Celik, Levent - 2015

This paper analyzes in a spatial framework how much information a seller discloses about the variety he sells when he faces a buyer with a privately known taste for variety. I identify an equilibrium in which, for each possible variety, the seller's optimal strategy consists of either fully...

Persistent link: https://www.econbiz.de/10014188508

Simultaneous Search : Between Search and Walras

Simhon, Avi - 1997

We present a general equilibrium model in which unemployed workers search for employment opportunities. We deviate from the traditional search and matching literature by allowing each worker to simultaneously sample a number of firms; exogenously given, this number is a natural proxy for labor...

Persistent link: https://www.econbiz.de/10014188688

Equilibrium Search Models : The Role of the Assumptions

García Pérez, J. Ignacio - 2000

This paper presents the most recent literature about Equilibrium Search Models with wage posting. Starting with the basic Burdett and Mortensen (1998) model, I describe the main consequences of departing from its two main assumptions: random matching and a linear production function. I show how...

Persistent link: https://www.econbiz.de/10014188725

Search, Failure, and the Value of Moderate Patience

Baumann, Oliver - 2010

Conventional wisdom suggests that successful innovation in complex and novel environments requires patience – persistence despite failures – to ensure broad search for good solutions. Using an agent-based simulation model, I show that the link between patience and innovation is complex:...

Persistent link: https://www.econbiz.de/10014188839

Good Bids Come to Those Who Wait : The Value of Late Bidding in Online Auctions

Lim, Bryan; Shemesh, Joshua - 2019

Abstract This paper proposes an intuitive rationale for late bidding in online venues. The expected surplus from bidding on subsequent auctions for equivalent items creates an option value to losing the current auction. This option is dynamic due to the stochastic arrival of new auctions and...

Persistent link: https://www.econbiz.de/10014189013

Complexity, Bounded Rationality, and Heuristic Search

MacLeod, W. Bentley - 1999

This paper explores the use of heuristic search algorithms for modeling human decision making. It is shown that this algorithm is consistent with many observed behavioral regularities, and may help explain deviations from rational choice. The main insight is that the heuristic function can be...

Persistent link: https://www.econbiz.de/10014189047

Search Committees

Moldovanu, Benny; Shi, Xianwen - 2011

search duration vary with the amount of conflict within the committee. We also compare decisions made by committees …. The acceptance cutoff decreases (increases) in the degree of conflict when information is public (private). In both cases … welfare decreases in the level of conflict. Finally, we identify situations where specialized committee decisions yield Pareto …

Persistent link: https://www.econbiz.de/10014189418

From Knowledge to Ideas : The Two Faces of Innovation

Bessen, James E. - 2012

Innovative ideas have unique properties arising from low communication costs. But ideas come from knowledge that is costly to communicate. “Formalizing” knowledge — codifying, developing standards, etc. — reduces these costs. In a simple model, formalization is associated with changes in...

Persistent link: https://www.econbiz.de/10014189717

Biased Information and Effort

Rosaz, Julie - 2010

We study the impact of information manipulation by a principal on the agent’s effort. In a context of asymmetric information at the principal’s advantage, we test experimentally the principal’s willingness to bias (overestimate or under-estimate) the information she gives to her agent on...

Persistent link: https://www.econbiz.de/10014190000

Marketing Via Friends : Strategic Diffusion of Information in Social Networks with Homophily

Chuhay, Roman - 2012

The paper studies the impact of homophily on the optimal strategies of a monopolist, whose marketing campaign of new product relies on a word of mouth communication. Homophily is a tendency of people to interact more with those who are similar to them. In the model there are two types of...

Persistent link: https://www.econbiz.de/10014190079