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First, we propose a more efficient implementation of the Smolyak method for interpolation, namely, we show how to avoid costly evaluations of repeated basis functions in the conventional Smolyak formula. Second, we extend the Smolyak method to include anisotropic constructions; this allows us to...
Persistent link: https://www.econbiz.de/10012459335
The goal of this paper is to study the problem of optimal dynamic policy formulation with competing political parties. We study a general class of problems, in which the two competing political parties have quadratic intertemporal objective functions, and in which the economy has a linear...
Persistent link: https://www.econbiz.de/10012476856
We develop a dynamic urban model combining features of quantitative spatial and macro-housing models. It includes multiple locations, forward-looking households, commuting, costly migration, uninsurable income risk, housing tenure choice, and housing frictions. The model operates in continuous...
Persistent link: https://www.econbiz.de/10015326505
demonstrate that machine learning (ML) can automatically satisfy these conditions due to its inherent inductive bias toward …
Persistent link: https://www.econbiz.de/10015056176
We study the propagation of nominal shocks in a dispersed information economy where firms learn from and respond to information generated by their activities in product and factor markets. We prove the existence of a "Hayekian benchmark", defined by conditions under which imperfect information...
Persistent link: https://www.econbiz.de/10015145165
We examine how a social stigma of seeking information can inhibit learning. Consider a Seeker of uncertain ability who …
Persistent link: https://www.econbiz.de/10012480821
by a worker for learning those skills. This measure arises naturally in a dynamic model of occupational choice and human … capital accumulation with multidimensional skills and Bayesian learning about one's ability to learn skills. Not only does …
Persistent link: https://www.econbiz.de/10012457292
learning in guiding selective attention and market dynamics. We confirm that attention focuses on options that quickly achieve …
Persistent link: https://www.econbiz.de/10012457666
The growing use of on-line educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. In this paper, we characterize how video content affects individual decision-making and willingness to share in the context of...
Persistent link: https://www.econbiz.de/10012458397
networks are recognized as the most credible source of information about new technologies. We incorporate social learning in … communicator influences learning and adoption. Farmers find communicators who face agricultural conditions and constraints most … comparable to themselves to be the most persuasive. Incorporating communication dynamics can take the influential social learning …
Persistent link: https://www.econbiz.de/10012458525