Calendrier du 05 mars 2018
Roy Seminar (ADRES)
Du 05/03/2018 de 17:00 à 18:30
Salle R1-09, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
MIERENDORFF Konrad (University College London)
Optimal Sequential Decision with Limited Attention
écrit avec with Yeon-Koo Che
We consider a dynamic model of information acquisition. Before taking an action,
a decision maker may direct her limited attention to collecting different types
of evidence that support alternative actions. The optimal policy combines three
strategies: (i) immediate action, (ii) a contradictory strategy seeking to challenge
the prior belief, and (iii) a confirmatory strategy seeking to confirm the prior. The
model produces a rich dynamic stochastic choice pattern as well as predictions in
settings such as jury deliberation and political media choice.
Keywords: Wald sequential decision problem, choice of information, contradictory
and confirmatory learning strategies, limited attention.
Régulation et Environnement
Du 05/03/2018 de 12:00 à 14:00
Salle R1-13, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
IOSSA Elisabetta (University of Rome Tor Vergata)
Project Choice and Innovation Policy: the case for Public Procurement
écrit avec with Alessandro De Chiara
There is a long standing policy debate on the role and design of innovation policies. In this paper, we develop a model of project choice with competition for funding and compare: (i) A Demand-side approach, in which the public authority restricts the type of research project eligible for funding, with (ii) A Supply-side approach, in which the public authority chooses its preferred project among those submitted. The authority can verify the characteristics of the projects submitted by the firms, but does not know which other projects the firms have available. We compare the two approaches from the point of view of the authority and in terms of social welfare, considering both small projects which the firm could self-finance and larger projects which would not be implemented absent public funds. We identify under which conditions a Demand-side approach is preferable in terms of allocative efficiency and investment incentives.