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Previous research has shown that feedback about past performance has ambiguous effects on subsequent performance. We argue that feedback affects beliefs in different dimensions – namely beliefs about the level of human capital and beliefs about the ability to learn – and this may explain...
Persistent link: https://www.econbiz.de/10012926724
rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …
Persistent link: https://www.econbiz.de/10011502970
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
In this paper I propose a novel abstract mechanism for the creation and diffusion of knowledge and use an agent based modelling approach to explore it. The mechanism takes into account the relation between the phenomena that agents attempt to explain and the stocks of knowledge available in a...
Persistent link: https://www.econbiz.de/10012591877
We propose a model of learning when experimentation is possible, but unawareness and ambiguity matter. In this model …
Persistent link: https://www.econbiz.de/10012928769
Persistent link: https://www.econbiz.de/10012258804
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...
Persistent link: https://www.econbiz.de/10003728030
We provide a syntactic model of unawareness. By introducing multiple knowledge modalities, one for each sub-language, we specifically model agents whose only mistake in reasoning (other than their unawareness) is to underestimate the knowledge of more aware agents. We show that the model is a...
Persistent link: https://www.econbiz.de/10012936579
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Persistent link: https://www.econbiz.de/10011773159