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Early warning signals (EWS) of imminent regime shifts can be identified through the observation of a system's behavior under increasing stress and before crossing a tipping point. Despite many advances in the detection of EWS in recent years, EWS are yet to find direct application in management....
Persistent link: https://www.econbiz.de/10014456168
Facing climate change, seasonal forecasts, and weather warnings are increasingly important to warn the public of the risk of extreme climate conditions. However, being confronted with inaccurate forecast systems may undermine individuals' responsiveness in the long run. Using an online...
Persistent link: https://www.econbiz.de/10015053857
Uncertainty plays a key role in the economics of climate change, and the discussions surrounding its implications for climate policy are far from settled. We give an overview of the literature on uncertainty in integrated assessment models of climate change and identify some future research...
Persistent link: https://www.econbiz.de/10010279401
Uncertainty plays a key role in the economics of climate change, and the discussions surrounding its implications for climate policy are far from settled. We give an overview of the literature on uncertainty in integrated assessment models of climate change and identify some future research...
Persistent link: https://www.econbiz.de/10008828410
This paper shows how sustainable consumption patterns can spread within a population via processes of social learning … even though a strong individual learning bias may favor environmentally harmful products. We present a model depicting how … the biased transmission of different behaviors via individual and social learning influences agents' consumption behavior …
Persistent link: https://www.econbiz.de/10010266737
current purchases: learning, habit persistence, and inventory dynamics. This work has been reviewed extensively in papers by … network members (“social learning”), experience with related products (“correlated learning” or “information spillovers … with this broader view of dynamics and learning …
Persistent link: https://www.econbiz.de/10011547587
Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete … literature on learning models that has developed over the past 20 years, using the model of Erdem and Keane (1996) as a unifying … framework. We described how subsequent work has extended their modeling framework, and applied learning models to a wide range …
Persistent link: https://www.econbiz.de/10013092559
three different scenarios. The supply side, on the other hand, is heterogenous and contains two types of adaptive (learning … the learning strategy is highly sensitive with respect to the dynamics of the demand side. …
Persistent link: https://www.econbiz.de/10005345746
This paper studies sequential information acquisition by an ambiguity-averse decision maker (DM), who decides how long to collect information before taking an irreversible action. The agent optimizes against the worst-case belief and updates prior by prior. We show that the consideration of...
Persistent link: https://www.econbiz.de/10013365655
This paper revisits Wald's (1947) sequential experimentation paradigm, now assuming that an impatient decision maker can run variable-size experiments each period at some increasing and strictly convex cost before finally choosing an irreversible action. We translate this natural discrete time...
Persistent link: https://www.econbiz.de/10005762616