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This paper argues that openness to new, unconventional and disruptive ideas has a first-order impact on creative innovations-innovations that break new ground in terms of knowledge creation. After presenting a motivating model focusing on the choice between incremental and radical innovation,...
Persistent link: https://www.econbiz.de/10013034169
As it becomes cheaper to copy and share digital content, vendors are turning to technical protections such as encryption. We argue that if protection is nevertheless imperfect, this transition will generally lower the prices of content relative to perfect legal enforcement. However, the effect...
Persistent link: https://www.econbiz.de/10012727035
We study social learning between spouses using an experiment in Chennai, India. We vary whether individuals discover … gender difference in learning (only) in the household …
Persistent link: https://www.econbiz.de/10014357711
pharmaceutical advertising, allows us to model individual prescription decisions. Second, we distinguish across-patient learning of a … drug?s general efficacy from the within-patient learning of the match between a drug and a patient. Our results suggest … January 2002, doctors held a strong prior belief about the efficacy of Celebrex, Vioxx, and Bextra. As a result, the learning …
Persistent link: https://www.econbiz.de/10012755088
Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently … shows that there is a fundamental statistical identification problem in trying to separate learning from exogenous … technological change and that the estimated learning coefficient will generally be biased upwards. Second, we present two empirical …
Persistent link: https://www.econbiz.de/10012758017
-squares learning process, determinacy of a rational expectations (RE) equilibrium is sufficient but not necessary for learnability of … information assumption, which gives the agents only lagged information on endogenous variables during the learning process, the …
Persistent link: https://www.econbiz.de/10012758599
is unobserved, and he optimally learns from observations of the economy. This is a classic problem of learning and … of modern policy-relevant models. As in most Bayesian learning problems, the optimal policy typically includes an … approximation to the BOP. We provide some simple examples to illustrate the role of learning and experimentation in an MJLQ …
Persistent link: https://www.econbiz.de/10012759822
been the subject of much debate. This paper investigates the role of culture as learning in this change. To do so, it … women who work in the market versus the home. These beliefs evolve rationally via an intergenerational learning process … what is found in the data. The S shape results from the dynamics of learning. I calibrate the model to several key …
Persistent link: https://www.econbiz.de/10012759863
investigate this claim using a simple model of Bayesian learning. Two individuals with different priors observe the same infinite … implications for economic behavior in a range of circumstances. We illustrate how the type of learning outlined in this paper …
Persistent link: https://www.econbiz.de/10012760581
This paper is the first to explore the effects of school accountability systems on high-achieving students' long-term performance. Using exceptional data from a large highly-selective state university, we relate school accountability pressure in high school to a student's university-level grades...
Persistent link: https://www.econbiz.de/10012760605