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Social learning often occurs between groups with different levels of experience. Yet little is known about the ideal behavioral rules in such contexts. Existing insights only apply when individuals learn from each other in the same group. In this paper, we close this gap and consider two groups,...
Persistent link: https://www.econbiz.de/10013368210
We study sequential search without priors. Our interest lies in decision rules that are close to being optimal under each prior and after each history. We call these rules robust. The search literature employs optimal rules based on cutoff strategies, and these rules are not robust. We derive...
Persistent link: https://www.econbiz.de/10012806602