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We analyze households' responses to an unanticipated change in consumption opportunities and evaluate their implications for the nature and formation of preferences. We study the tariff experiment conducted by South Central Bell where local telephone tariffs were introduced for the first time in...
Persistent link: https://www.econbiz.de/10014107895
collective learning. The present paper provides a summary of this research. …
Persistent link: https://www.econbiz.de/10014025688
rigid response to learning new information in the huge unexpected changes. Specifically, before the exogenous shock, overall …
Persistent link: https://www.econbiz.de/10013298188
The New Keynesian model with rational expectations unrealistically predicts that unanticipated credible changes in the inflation target lead to an immediate jump in the inflation level while the output gap is unaffected. We set up a theoretical model where agents learn the behaviour of the...
Persistent link: https://www.econbiz.de/10014065326
accuracy is conducive to unstable best-response dynamics. We define the barrier to learning as the minimum level of noise which … the role of strategy restrictions in reducing or amplifying barriers to learning …
Persistent link: https://www.econbiz.de/10014344184
disagreement regardless of cognitive ability. Learning about the state of the world has little effect on the evolution of perceived …
Persistent link: https://www.econbiz.de/10014263425
research has not examined whether individual differences in insular sensitivity predict learning to avoid aversive stimuli. In … that in addition to correlating with self-reported anxiety, heightened insular sensitivity may promote learning to avoid …
Persistent link: https://www.econbiz.de/10014191063
learning transfers to new games. Current theories of learning model learning as adjustment in behavior in response to feedback … about outcomes and payoffs and largely ignore the possibility that learning may take place in the absence of such feedback … feedback between plays of the game. However, this previous work demonstrates this "no-feedback" learning using a special game …
Persistent link: https://www.econbiz.de/10014087372
the (possibly misspecified) prior belief that her local network is the entire network. We present a tractable learning … rule to implement such locally Bayesian learning: each agent extracts new information using the full history of observed …
Persistent link: https://www.econbiz.de/10012159057
This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must be motivated to collect information. Committees improvethe quality of decision-making by providing information and by coordinating the collection ofinformation. We address two...
Persistent link: https://www.econbiz.de/10011332816