Plans of Action

Speaker
Roee Teper
Date
10/01/2017 - 12:30 - 11:00Add To Calendar 2017-01-10 11:00:00 2017-01-10 12:30:00 Plans of Action Abstract. We study the extent to which contemporaneous correlations across actions affect an agent’s preferences over the different strategies in exploration problems. We show that such correlations carry no economic content and do not affect the agent’s preferences and, in particular, her optimal strategy. We argue that for similar reasons there is an inherent partial identification of the beliefs in exploration problems. Nevertheless, even under the partial identification, we show there are meaningful behavioral restrictions allowing the modeler to test whether the agent is acting according to some Bayesian model. Economics building (504), faculty lounge on the first floor. אוניברסיטת בר-אילן - Department of Economics Economics.Dept@mail.biu.ac.il Asia/Jerusalem public
Place
Economics building (504), faculty lounge on the first floor.
Affiliation
University of Pittsburgh
Abstract

Abstract. We study the extent to which contemporaneous correlations across actions affect an agent’s preferences over the different strategies in exploration problems. We show that such correlations carry no economic content and do not affect the agent’s preferences and, in particular, her optimal strategy. We argue that for similar reasons there is an inherent partial identification of the beliefs in exploration problems. Nevertheless, even under the partial identification, we show there are meaningful behavioral restrictions allowing the modeler to test whether the agent is acting according to some Bayesian model.

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Last Updated Date : 03/01/2017