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It's not my fault! : self-confidence and experimentation
Hestermann, Nina; Le Yaouanq, Yves - 2019 - Current draft: October 8, 2018
We study the inference and experimentation problem of an agent in a situation where the outcomes depend on the …
Persistent link: https://www.econbiz.de/10011966912
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A war of attrition with experimenting players
Chen, Chia-hui; Ishida, Junichiro - 2017
A standard incomplete-information war of attrition is extended to incorporate experimentation and private learning. We …-run and long-run gains of experimentation. The extension yields qualitative impacts on the strategic nature of the problem …. The option value of experimentation serves as a credible commitment device to stay in the game, which is instrumental in …
Persistent link: https://www.econbiz.de/10011756011
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Dynamic performance evaluation with deadlines : the role of commitment
Chen, Chia-hui; Ishida, Junichiro - 2017
We consider an environment in which a principal hires an agent and evaluates his productivity over time in an ongoing relationship. The problem is embedded in a continuoustime model with both hidden action and hidden information, where the principal must induce the agent to exert effort to...
Persistent link: https://www.econbiz.de/10011756012
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It's not my fault! : self-confidence and experimentation
Hestermann, Nina; Le Yaouanq, Yves - 2018 - Current draft: October 8, 2018
We study the inference and experimentation problem of an agent in a situation where the outcomes depend on the …
Persistent link: https://www.econbiz.de/10011930663
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Preference discovery and experimentation
Cooke, Kevin - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 3, pp. 1307-1348
consumption value and information leading to experimentation. I provide a behavioral definition of experimentation. While the … literature focuses on identifying subjective states through a demand for flexibility, I show that experimentation also (partially …
Persistent link: https://www.econbiz.de/10011744296
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Career concerns with exponential learning
Bonatti, Alessandro; Hörner, Johannes - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 1, pp. 425-475
This paper examines the interplay between career concerns and market structure. Ability and effort are complements: effort increases the probability that a skilled agent achieves a one-time breakthrough. Wages are based on assessed ability and on expected output. Effort levels at different times...
Persistent link: https://www.econbiz.de/10011704848
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Optimal Design for Social Learning
Che, Yeon-Koo; Horner, Johannes - Cowles Foundation for Research in Economics, Yale University - 2015
incentives for early experimentation, the optimal design trades off fully transparent social learning by over-recommending a … recommendations may become optimal if a (socially-benevolent) designer does not observe the agents’ costs of experimentation. …
Persistent link: https://www.econbiz.de/10011272683
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Career Concerns with Coarse Information
Bonatti, Alessandro; Horner, Johannes - Cowles Foundation for Research in Economics, Yale University - 2011
This paper develops a model of career concerns. The worker's skill is revealed through output, wage is based on expected output, and so on assessed ability. Specifically, effort increases the probability that a skilled worker achieves a one-time breakthrough. Effort levels at different times are...
Persistent link: https://www.econbiz.de/10009352220
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observational learning
Smith, Lones; Sørensen, Peter Norman - Palgrave Macmillan
Observational learning occurs when privately informed individuals sequentially choose among finitely many actions after seeing predecessors’ choices. We summarise the general theory of this paradigm: belief convergence forces action convergence; specifically, copycat ‘herds’...
Persistent link: https://www.econbiz.de/10009415656
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Entry and experimentation in oligopolistic markets for experience goods
Krähmer, Daniel - Abteilung "Marktprozesse und Steuerung", … - 2002
product. While consumers can learn their valuation by actual consumption (experimentation), sellers cannot observe … experimentation outcomes. Thus, asymmetric information arises if the buyer experiments. As a result, the equilibrium is inefficient … ausprobiert (Experimentation). Die Verkäufer hingegen können nicht beobachten, ob der Käufer zufrieden war, wenn er das neue Gut …
Persistent link: https://www.econbiz.de/10009367916