no code implementations • 8 Dec 2023 • Fedor Sandomirskiy, Omer Tamuz
Each decision is modeled as a menu of actions with outcomes, and a stochastic choice rule assigns probabilities to actions based on the outcome profile.
no code implementations • 26 Jan 2023 • Itai Arieli, Yakov Babichenko, Stephan Müller, Farzad Pourbabaee, Omer Tamuz
In a misspecified social learning setting, agents are condescending if they perceive their peers as having private information that is of lower quality than it is in reality.
no code implementations • 29 Dec 2021 • Kevin He, Fedor Sandomirskiy, Omer Tamuz
A private private information structure delivers information about an unknown state while preserving privacy: An agent's signal contains information about the state but remains independent of others' sensitive or private information.
no code implementations • 28 Dec 2021 • Wanying Huang, Philipp Strack, Omer Tamuz
We study how long-lived, rational agents learn in a social network.
no code implementations • 15 Dec 2021 • Andrea Galeotti, Benjamin Golub, Sanjeev Goyal, Eduard Talamàs, Omer Tamuz
The Pigouvian leverage of the system -- the gain in consumer surplus achievable by an optimal tax scheme -- depends only on the dispersion of the eigenvalues of the matrix of strategic interactions.
no code implementations • 23 May 2021 • Sushil Bikhchandani, David Hirshleifer, Omer Tamuz, Ivo Welch
We also highlight open questions and promising directions for further theoretical and empirical exploration.
no code implementations • 1 Feb 2021 • Xiaosheng Mu, Luciano Pomatto, Philipp Strack, Omer Tamuz
The expectation is an example of a descriptive statistic that is monotone with respect to stochastic dominance, and additive for sums of independent random variables.
no code implementations • 15 Oct 2020 • Xiaosheng Mu, Luciano Pomatto, Philipp Strack, Omer Tamuz
We show that under plausible levels of background risk, no theory of choice under risk -- such as expected utility theory, prospect theory, or rank dependent utility -- can simultaneously satisfy the following three economic postulates: (i) Decision makers are risk-averse over small gambles, (ii) they respect stochastic dominance, and (iii) they account for background risk.
no code implementations • 26 Feb 2020 • Itai Arieli, Yakov Babichenko, Fedor Sandomirskiy, Omer Tamuz
We study the set of possible joint posterior belief distributions of a group of agents who share a common prior regarding a binary state, and who observe some information structure.
no code implementations • 11 Dec 2018 • Luciano Pomatto, Philipp Strack, Omer Tamuz
We develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost.
no code implementations • 3 Feb 2010 • Elchanan Mossel, Noah Olsman, Omer Tamuz
Finally, we show that on trees and on distance transitive-graphs the process converges after $D$ steps, and that it preserves privacy, so that agents learn very little about the private signal of most other agents, despite the efficient aggregation of information.