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Learning when to say no
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dc.contributor.author | Evans, David | |
dc.contributor.author | Evans, George W. | |
dc.contributor.author | McGough, Bruce | |
dc.date.accessioned | 2022-10-05T23:39:35Z | |
dc.date.available | 2022-10-05T23:39:35Z | |
dc.date.issued | 2021-06 | |
dc.identifier | 273720181 | |
dc.identifier | 138d3b26-6dd4-45e7-b7ea-daefa02c52d9 | |
dc.identifier | 85103939310 | |
dc.identifier | 000652015500001 | |
dc.identifier.citation | Evans , D , Evans , G W & McGough , B 2021 , ' Learning when to say no ' , Journal of Economic Theory , vol. 194 , 105240 . https://doi.org/10.1016/j.jet.2021.105240 | en |
dc.identifier.issn | 0022-0531 | |
dc.identifier.other | RIS: urn:64F1B5B6714B34E73A6B0B21F29EF37E | |
dc.identifier.uri | https://hdl.handle.net/10023/26143 | |
dc.description | Financial support from National Science Foundation Grant No. SES-1559209 is gratefully acknowledged. | en |
dc.description.abstract | We consider boundedly-rational agents in McCall's model of intertemporal job search. Agents update over time their perception of the value of waiting for an additional job offer using value-function learning. A first-principles argument applied to a stationary environment demonstrates asymptotic convergence to fully optimal decision-making. In environments with actual or possible structural change our agents are assumed to discount past data. Using simulations, we consider a change in unemployment benefits, and study the effect of the associated learning dynamics on unemployment and its duration. Separately, in a calibrated exercise we show the potential of our model of bounded rationality to resolve a frictional wage dispersion puzzle. | |
dc.format.extent | 33 | |
dc.format.extent | 544593 | |
dc.language.iso | eng | |
dc.relation.ispartof | Journal of Economic Theory | en |
dc.subject | Search and unemployment | en |
dc.subject | Learning | en |
dc.subject | Dynamic optimization | en |
dc.subject | Bounded rationality | en |
dc.subject | Wage dispersion | en |
dc.subject | HB Economic Theory | en |
dc.subject | T-NDAS | en |
dc.subject | SDG 8 - Decent Work and Economic Growth | en |
dc.subject.lcc | HB | en |
dc.title | Learning when to say no | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | 10.1016/j.jet.2021.105240 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2022-10-06 |
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