Welfare Comparisons for Biased Learning (Record no. 133751)

MARC details
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fixed length control field 01466nam a2200253Ia 4500
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022 ## - INTERNATIONAL STANDARD SERIAL NUMBER
International Standard Serial Number 0002-8282
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Iijima, Ryota
9 (RLIN) 120639
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Personal name Ishii, Yuhta
9 (RLIN) 120640
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Personal name 2024
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Personal name Frick, Mira
9 (RLIN) 120641
245 #0 - TITLE STATEMENT
Title Welfare Comparisons for Biased Learning
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Name of publisher, distributor, etc. American Economic Review
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2024
300 ## - PHYSICAL DESCRIPTION
Extent 1612-1649
520 ## - SUMMARY, ETC.
Abstract We study robust welfare comparisons of learning biases (misspecified Bayesian and some forms of non-Bayesian updating). Given a true signal distribution, we deem one bias more harmful than another if it yields lower objective expected payoffs in all decision problems. We characterize this ranking in static and dynamic settings. While the static characterization compares posteriors signal by signal, the dynamic characterization employs an "efficiency index" measuring how fast beliefs converge. We quantify and compare the severity of several well-documented biases. We also highlight disagreements between the static and dynamic rankings, and that some "large" biases dynamically outperform other "vanishingly small" biases.
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Topical term or geographic name entry element Communication
9 (RLIN) 3610
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Topical term or geographic name entry element Information and Knowledge
9 (RLIN) 119248
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Learning
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Topical term or geographic name entry element Mechanism Design
9 (RLIN) 60338
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Topical term or geographic name entry element Belief
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Topical term or geographic name entry element Micro-Based Behavioral Economics
9 (RLIN) 120388
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.aeaweb.org/articles?id=10.1257/aer.20210410">https://www.aeaweb.org/articles?id=10.1257/aer.20210410</a>
999 ## - SYSTEM CONTROL NUMBERS (KOHA)
Koha biblionumber 133751
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        Dr VKRV Rao Library Dr VKRV Rao Library 27/08/2024 Vol. 114, No. 6   AI402 27/08/2024 27/08/2024 Article Index