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Mere observation of others' choices can be informative about product quality. This paper develops an individual-level dynamic model of observational learning, and applies it to a novel data set from the U.S. kidney market where transplant candidates on a waiting list sequentially decide whether...
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; information transactions ; Kullback-Leibler divergence ; relative entropy ; decision under uncertainty ; investment ; Blackwell …
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of future interest rates is a measure of their uncertainty about this path. In particular, an increase in information … with uncertainty. This relationship does not vanish after using standard measures of uncertainty as predictors, suggesting … that clickstream data contain unique information about investors' uncertainty …
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