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Learning, public good provision, and the information trap

Berentsen, Aleksander and Bruegger, Esther and Loertscher, Simon. (2008) Learning, public good provision, and the information trap. Journal of public economics, Vol. 92. S. 998-1010.

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Official URL: http://edoc.unibas.ch/dok/A5248831

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Abstract

We consider an economy with uncertainty about the true production function for a public good. By using Bayes rule the economy can learn from experience. We show that it may learn the truth, but that it may also converge to an inefficient policy where no further inference is possible so that the economy is stuck in an information trap. We also show that our results are robust with respect to small experimentation. (C) 2007 Elsevier B.V. All rights reserved.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Wirtschaftstheorie (Berentsen)
UniBasel Contributors:Berentsen, Aleksander
Item Type:Article, refereed
Bibsysno:Link to catalogue
Publisher:North Holland Publ.
ISSN:0047-2727
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:22 Mar 2012 14:28
Deposited On:22 Mar 2012 14:03

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