Results 41 to 49 of about 81,784 (49)
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Consistent Depth of Reasoning in Level-k Models
American Economic Journal: MicroeconomicsLevel-k models often assume that individuals employ a fixed depth of reasoning across different games. We study this assumption by having subjects make choices in five classes of games chosen to identify inconsistent depth of reasoning.
D. Cooper +3 more
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A Simple Explanation of Countercyclical Uncertainty
American Economic Journal: MacroeconomicsThis paper documents that labor search and matching frictions generate countercyclical uncertainty because the inherent nonlinearity in the flow of new matches makes employment uncertainty increasing in the number of people searching for work ...
J. Bernstein +3 more
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(Pro-)Social Learning and Strategic Disclosure
Social Science Research NetworkWe study a sequential experimentation model with endogenous feedback. Agents choose between a safe and risky action, the latter generating stochastic rewards. When making this choice, each agent is selfishly motivated (myopic).
Roland Bénabou, Nikhil Vellodi
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Bias and Sensitivity Under Ambiguity
Social Science Research NetworkThis paper characterizes the effects of ambiguity aversion under dispersed information. The equilibrium outcome is observationally equivalent to a Bayesian forecast of the fundamental with increased sensitivity to signals and a pessimistic bias.
Zhengxin Huo +2 more
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Ambiguity Aversion and Heterogeneity in Households’ Beliefs
American Economic Journal: MacroeconomicsUK households that wish for lower inflation and lower nominal interest rates have higher expected inflation. We interpret the evidence through the lens of a New Keynesian model where ambiguity-averse households differ in wealth, skill, labor market ...
Claudio Michelacci, Luigi Paciello
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Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing
, 2006N. Barberis +4 more
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