Suppose competent economists obtain common information on business forecasts, and incompetent economists obtain independent information. If no one knows who is able, young economists mimic others because a forecast different from others indicated inability when it proves wrong. An older...

This paper solves the pure consumption Grossman model numerically following dynamic programming method, and undertakes sensitivity analysis of the optimal length of life. This is the first analysis that treats the determination of optimal length of life explicitly with numerical analysis.