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The lifecycle of the financial sector and other speculative industries

Biais, Bruno; Rochet, Jean-Charles; Woolley, Paul - London School of Economics (LSE) - 2009

Speculative industries exploit novel technologies subject to two risks. First, there is uncertainty about the fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral hazard. Because of moral hazard, managers earn agency rents...

Persistent link: https://www.econbiz.de/10010744809

Productivity, exporting and the learning-by-exporting hypothesis: direct evidence from UK firms

Crespi, Gustavo; Criscuolo, Chiara; Haskel, Jonathan - London School of Economics (LSE) - 2006

innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for … they learnt from buyers (relative to learning from other sources). Second, firms who had learned from buyers (more than … for the learning-by-exporting hypothesis. …

Persistent link: https://www.econbiz.de/10010744844

Nursery cities: urban diversity, process innovation and the life-cycle of products

Duranton, Gilles; Puga, Diego - London School of Economics (LSE) - 2000

A simple model of process innovation is proposed, where firms learn about their ideal production process by making prototypes. We build around this a dynamic general equilibrium model, and derive conditions under which diversified and specialised cities coexist. New products are developed in...

Persistent link: https://www.econbiz.de/10010745492

Uncertainty and leveraged Lucas Trees: the cross section of equilibrium volatility risk premia

Vedolin, Andrea - London School of Economics (LSE) - 2012

Volatility risk premia compensate agents for holding assets whose payoffs correlate with times of high return variation. This paper takes a structural approach to explain the cross-section of volatility risk premia of stocks using a Lucas orchard with heterogeneous beliefs, stochastic...

Persistent link: https://www.econbiz.de/10010745732

Study on university-business cooperation in the US

Ranga, Marina; Hoareau, Cecile; Durazzi, Niccolo; … - London School of Economics (LSE) - 2013

also encompasses both undergraduate and postgraduate education, as well as lifelong learning. The interactions no longer …

Persistent link: https://www.econbiz.de/10010746458

Self-confidence and survival

Bar-Isaac, Heski - London School of Economics (LSE) - 2001

We consider the impact of history on the survival of a monopolist selling single units in discrete time periods, whose quality is learned slowly. If the seller learns her own quality at the same rate as customers, a sufficiently bad run of luck could induce her to stop selling. When she knows...

Persistent link: https://www.econbiz.de/10010746467

Environmental prices, uncertainty, and learning

Dietz, Simon; Fankhauser, Samuel - London School of Economics (LSE) - 2010

There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivize private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...

Persistent link: https://www.econbiz.de/10011126224

Policy experimentation, political competition, and heterogeneous beliefs

Millner, Antony; Ollivier, Hélène; Simon, Leo - London School of Economics (LSE) - 2014

Persistent link: https://www.econbiz.de/10011126646

City of dreams

De la Roca, Jorge; Ottaviano, Gianmarco I. P.; Puga, Diego - London School of Economics (LSE) - 2014

Higher ability workers benefit more from bigger cities while housing costs there are higher for everyone, and yet there is little sorting on ability. A possible explanation is that young individuals have an imperfect assessment of their ability, and, when they learn about it, early decisions...

Persistent link: https://www.econbiz.de/10011126686

Do comprehensive performance measurement systems help or hinder managers' mental model development?

Hall, Matthew - London School of Economics (LSE) - 2011

This study examines whether and how the process of updating and changing mental models (learning) helps to explain how … their mental models and develop learning capabilities. As such, this study investigates relations among comprehensive PMS …, two types of learning at the managerial (individual) level (mental model confirmation and mental model building), and …

Persistent link: https://www.econbiz.de/10011126738