Why imitate, and if so, how? A boundedly rational approach to multi-armed bandits
Article Abstract:
Individuals faced with choices yielding uncertain outcomes will nearly always imitate the behavior of another individual who is observed to receive a better outcome. The rate of imitation is proportional to the difference between the other's received outcome and the outcome received by the observer. This behavior is reinforced via simple observation-learning rules.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1998
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On the optimality of privacy in sequential contracting
Article Abstract:
Development of mechanism for ensuring implementation of optimal disclosure policies, during exchange of information between buyers and sellers of goods and services, is described.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2006
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