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Policy Makers, Advisors, and Reputation
Wrasai, Phongthorn; Swank, Otto H. - 2004
When hiring an adviser (he), a policy maker (she) often faces the problem that she has incomplete information about his preferences. Some advisers are good, in the sense that their preferences are closely aligned to the policy maker's preferences, and some advisers are bad. Recently, some...
Persistent link: https://www.econbiz.de/10010325563
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Policy makers, advisors, and reputation
Wrasai, Phongthorn; Swank, Otto H. - 2004
When hiring an adviser (he), a policy maker (she) often faces the problem that she has incomplete information about his preferences. Some advisers are good, in the sense that their preferences are closely aligned to the policy maker's preferences, and some advisers are bad. Recently, some...
Persistent link: https://www.econbiz.de/10011334827
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Policy Makers, Advisors, and Reputation
Wrasai, Phongthorn; Swank, Otto H. - Tinbergen Institute - 2004
When hiring an adviser (he), a policy maker (she) often faces the problem that she has incomplete information about his preferences. Some advisers are good, in the sense that their preferences are closely aligned to the policy maker's preferences, and some advisers are bad. Recently, some...
Persistent link: https://www.econbiz.de/10005137032
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Reputation Concerns in Risky Experimentation
Chen, Chia‐Hui - 2019
We develop a general model, with the exponential bandit as a special case, in which high-ability agents are more likely to achieve early success but also learn faster that their project is not promising. These counteracting effects give rise to a signaling model in which the single-crossing...
Persistent link: https://www.econbiz.de/10012866872
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Reputation concerns in risky experimentation
Chen, Chia-hui; Ishida, Junichiro; Suen, Wing-chuen - 2019
We develop a general model, with the exponential bandit as a special case, in which high-ability agents are more likely to achieve early success but also learn faster that their project is not promising. These counteracting effects give rise to a signaling model in which the single-crossing...
Persistent link: https://www.econbiz.de/10012024759
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The good, the bad and the complex : product design with imperfect information
Asriyan, Vladimir; Foarta, Dana; Vanasco, Victoria - 2018
This paper explores the incentives of product designers to complexify products, and the resulting implications for overall product quality. In our model, a consumer can accept or reject a product proposed by a designer, who can affect the quality and the complexity of the product. While the...
Persistent link: https://www.econbiz.de/10012065103
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Why Do People Give Less Weight to Advice the Further It Is from Their Initial Opinion?
Ravazzolo, Francesco; Røisland, Øistein - 2010
Experimental studies on decision making based on advice received from others find that the weight put on the advice is negatively related to the distance between the advice and the decisionmaker's initial opinion. In this paper, we show that the distance effect can follow from rational signal...
Persistent link: https://www.econbiz.de/10012143738
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Why do people give less weight to advice the further it is from their initial opinion?
Ravazzolo, Francesco; Røisland, Øistein - Norges Bank - 2010
Experimental studies on decision making based on advice received from others find that the weight put on the advice is negatively related to the distance between the advice and the decisionmaker's initial opinion. In this paper, we show that the distance effect can follow from rational signal...
Persistent link: https://www.econbiz.de/10008620608
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Dynamic signaling with stochastic stakes
Gryglewicz, Sebastian; Kolb, Aaron - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 2, pp. 539-559
chooses whether to continue receiving a return that is an increasing function of both her reputation and an exogenous public …, and she builds a reputation by continuing when the stakes reach a new minimum. We discuss applications to corporate … reputation management, online vendor reputation, and limit pricing with stochastic demand. …
Persistent link: https://www.econbiz.de/10013273761
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Rewarding mediocrity? : optimal regulation of R&D markets with reputation concerns
Chen, Chia-hui; Ishida, Junichiro - 2017
counterpart where such a scheme can never be optimal. Our model also exhibits reputation dynamics which capture a pervasive view …
Persistent link: https://www.econbiz.de/10011623886