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作者：Burke, Jeremy M.; Taylor, Curtis R.; Wagman, Liad
作者单位：RAND Corporation; Duke University; Illinois Institute of Technology
摘要：How do price commitments impact the amount of information firms acquire about potential customers? We examine this question in the context of a competitive market where firms search for information that may disqualify applicants. Contracts are incomplete because the amount of information acquired cannot be observed. Despite competition, we find that firms search for too much information in equilibrium. If price discrimination is prohibited, members of high-risk groups suffer disproportionately...
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作者：Anufriev, Mikhail; Hommes, Cars
作者单位：University of Technology Sydney; University of Amsterdam
摘要：In recent learning to forecast experiments (Hommes et al. 2005), three different patterns in aggregate price behavior have been observed: slow monotonic convergence, permanent oscillations, and dampened fluctuations. We show that a simple model of individual learning can explain these different aggregate outcomes within the same experimental setting. The key idea is evolutionary selection among heterogeneous expectation rules, driven by their relative performance. The out-of-sample predictive ...
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作者：Andreoni, James; Mylovanov, Tymofiy
作者单位：University of California System; University of California San Diego; University of Pennsylvania
摘要：People often see the same evidence but draw opposite conclusions, becoming polarized over time. More surprisingly, disagreements persist even when they are commonly known. We derive a model and present an experiment showing that opinions can diverge when one-dimensional opinions are formed from two-dimensional information. When subjects are given sufficient information to reach agreement, however, disagreement persists. Subjects discount information when it is filtered through the actions of o...
