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Learning Under Unawareness
Grant, Simon - 2018
We propose a model of learning when experimentation is possible, but unawareness and ambiguity matter. In this model …, complete lack of information regarding the underlying data generating process is expressed as a (maximal) family of priors …. These priors yield posterior inferences that become more precise as more information becomes available. As information …
Persistent link: https://www.econbiz.de/10012928769
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The "Schumpeterian" and the "Keynesian" Stiglitz : learning, coordination hurdles and growth trajectories
Dosi, Giovanni; Virgillito, Maria Enrica - 2016
theme in Joe Stiglitz monumental work, namely, the analysis of economies characterised by persistent learning and … major themes, namely, the consequences of learning and dynamic increasing returns, and "Keynesian" coordination failures …
Persistent link: https://www.econbiz.de/10011458677
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The behavioral economics of John Maynard Keynes
Schettkat, Ronald - 2018
After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo-) classical at the micro-level, but Keynesian at the macro-level. In actuality, Keynes' revolution was, to a substantial part, based on the behavioral micro-foundations of the world we...
Persistent link: https://www.econbiz.de/10011929683
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Animal spirits : die verhaltensökonomischen Grundlagen der Keynesschen Theorie
Schettkat, Ronald - 2018
Keynes' General Theory (GT) ist in zweierlei Hinsicht umfassender als das (neo-) klassische Modell: (1) sie schließt das Vollbeschäftigungsgleichgewicht als Sonderfall ein und (2) sie basiert auf realistischem mikroökonomischem Verhalten, dessen sozial isolierter, den Eigennutz maximierender...
Persistent link: https://www.econbiz.de/10011929688
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How information affects support for education spending : evidence from survey experiments in Germany and the United States
West, Martin R.; Woessmann, Ludger; Lergetporer, Philipp; … - 2016
by prior knowledge in a manner consistent with information effects rather than priming. Support for salary increases is …To study whether current spending levels and public knowledge of them contribute to transatlantic differences in policy … education spending and teacher salaries falls when respondents receive information about existing levels. Treatment effects vary …
Persistent link: https://www.econbiz.de/10011565610
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How information affects support for education spending : evidence from survey experiments in Germany and the United States
West, Martin R.; Woessmann, Ludger; Lergetporer, Philipp; … - 2016
by prior knowledge in a manner consistent with information effects rather than priming. Support for salary increases is …To study whether current spending levels and public knowledge of them contribute to transatlantic differences in policy … education spending and teacher salaries falls when respondents receive information about existing levels. Treatment effects vary …
Persistent link: https://www.econbiz.de/10011580916
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Awareness of unawareness : a theory of decision making in the face of ignorance
Karni, Edi; Vierø, Marie-Louise - 2014
In the wake of growing awareness, decision makers anticipate that they might become aware of material possibilities and ideas that, in their current state of ignorance, are unimaginable. This anticipation manifests itself in their choice behavior. This paper models this awareness of unawareness...
Persistent link: https://www.econbiz.de/10010246087
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Arrow's paradox and markets for nonproprietary information
Leppälä, Samuli - 2013
Arrow's information paradox asserts that demand for undisclosed information is undefined. Reassessing the paradox, I … argue that the value of information for the buyer depends on its relevance, which can be known ex ante, and the uncertainty … shifts to the capability of the seller to acquire the knowledge and her reliability in disclosing it. These three together …
Persistent link: https://www.econbiz.de/10009738910
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Unawareness of Actions and Myopic Discovery Process in Simultaneous-Move Games with Unawareness
Tada, Yoshihiko - 2022
realizable CURB set, represent the economy of knowledge of games' structures …
Persistent link: https://www.econbiz.de/10013296791
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How Information Affects Support for Education Spending : Evidence from Survey Experiments in Germany and the United States
West, Martin R.; Woessmann, Ludger; Lergetporer, Philipp; … - 2021
by prior knowledge in a manner consistent with information effects rather than priming. Support for salary increases is …To study whether current spending levels and public knowledge of them contribute to transatlantic differences in policy … education spending and teacher salaries falls when respondents receive information about existing levels. Treatment effects vary …
Persistent link: https://www.econbiz.de/10013315477