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Palgrave Macmillan
Keleti Károly Gazdasági Kar, Óbudai Egyetem
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The New Palgrave Dictionary of Economics
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observational learning
Smith, Lones
;
Sørensen, Peter Norman
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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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Christopher Pissarides
Jackman, Richard
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Palgrave Macmillan
Professor Christopher Pissarides was awarded the 2010 Nobel Prize in Economics jointly with Peter Diamond and Dale Mortensen ‘for their analysis of markets with search frictions’. Though Pissarides is best known for his work in this area, it is only part of a very extensive research agenda...
Persistent link: https://www.econbiz.de/10009364192
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rational inattention
Wiederholt, Mirko
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Palgrave Macmillan
Economists have studied for a long time how decision-makers allocate scarce resources. The recent literature on rational inattention studies how decision-makers allocate the scarce resource attention. The idea is that decision-makers have a limited amount of attention and have to decide how to...
Persistent link: https://www.econbiz.de/10009395648
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Google
Varian, Hal R.
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Palgrave Macmillan
This article provides an overview of Google, focusing on its economic history, specifically on three topics of interest: the ad auction, the IPO auction and the role of economics at Google.
Persistent link: https://www.econbiz.de/10010684107
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pricing on the internet
Morgan, Michael R. Baye John
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Palgrave Macmillan
While many conjectured that the information-rich and frictionless nature of online markets would result in marginal cost pricing, this has proved not to be the case. Price dispersion online is ubiquitous. The main reason is that price discovery occurs through platforms that have an incentive to...
Persistent link: https://www.econbiz.de/10010684111
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