演講者簡介 : Professor Pauli Murto received his Ph.D. in Science in Technology from Helsinki University of Technology in 2003. He is currently a Professor at Aalto University. His research interests are Microeconomic theory, economics of information and applied game theory.
演講摘要 : We introduce a collective experimentation problem where agents choose the timing of irreversible actions under uncertainty and where public feedback from the actions arrives gradually over time. This kind of gradual learning where information is delayed and arrives over time is present in many real-life situations, such as adoption of new technologies, progressive market entry, and incremental roll-out of public policies. The socially optimal expansion path entails an informational trade-off where acting today speeds up learning but postponing capitalizes on the option value of waiting. We solve the social optimum and contrast it to the decentralized equilibrium where agents ignore the social value of information they generate. We develop mechanism design techniques to coordinate collective experimentation and illustrate the techniques in the context of pricing a new durable good.
