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Learning by Doing and the Choice of Technology.

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B Jovanovic… - 1994 - nber.org
This paper explores a one-agent Bayesian model of learning by doing and technological
choice. To produce output, the agent can choose among various technologies. The
beneficial effects of learning by doing are bounded on each technology, and so long-run ...
Cited by 382 - Related articles - Library Search - BL Direct - All 16 versions

An experimental study of belief learning using elicited beliefs

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Y Nyarko… - Econometrica, 2002 - Wiley Online Library
This paper investigates belief learning. Unlike other investigators who have been forced to
use observable proxies to approximate unobserved beliefs, we have, using a belief
elicitation procedure (proper scoring rule), elicited subject beliefs directly. As a result we ...
Cited by 212 - Related articles - BL Direct - All 26 versions

A Bayesian learning model fitted to a variety of empirical learning curves

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B Jovanovic… - Brookings Papers on Economic Activity. …, 1995 - JSTOR
WHERE DOES TECHNOLOGICAL progress come from and what determines its rate of
advance? In answering these questions, it is useful to decompose technological progress
into the invention of new techniques and products and the improvement of existing ones. ...
Cited by 128 - Related articles - BL Direct - All 10 versions

The transfer of human capital

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B Jovanovic… - Journal of Economic Dynamics and Control, 1995 - Elsevier
Most of our productive knowledge was handed down to us by previous generations. The
transfer of knowledge from the old to the young is therefore a cornerstone of productivity
growth. We study this process in a model in which the old sell knowledge to the young— ...
Cited by 83 - Related articles - All 16 versions

Stepping-stone mobility

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B Jovanovic… - Carnegie-Rochester Conference Series on Public …, 1997 - Elsevier
People at the top of an occupational ladder earn more partly because they have spent time
on lower rungs, where they have learned something. But what precisely do they learn?
There are two contrasting views: First, the “Bandit” model assumes that people are ...
Cited by 85 - Related articles - BL Direct - All 15 versions

Optimal control of an unknown linear process with learning

NM Kiefer… - International Economic Review, 1989 - JSTOR
Optimal control of a linear process with unknown parameters is considered when the
horizon is infinite and rewards are discounted. Active learning strategies are considered, ie,
agents consider the information value of possible actions as well as current reward. ...
Cited by 75 - Related articles - Get it from MIT Libraries - All 6 versions

[CITATION] Dynamic optimization under uncertainty: non-convex feasible set

M Majumdar, T Mitra… - Joan Robinson and Modern Economic Theory,(GR …, 1989
Cited by 53 - Related articles

Bayesian learning leads to correlated equilibria in normal form games

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Y Nyarko - Economic Theory, 1994 - Springer
Summary Consider an infinitely repeated normal form game where each player is
characterized by a “type” which may be unknown to the other players of the game. Impose
only two conditions on the behavior of the players. First, impose the Savage (1954) ...
Cited by 42 - Related articles - All 8 versions

Learning in mis-specified models and the possibility of cycles

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Y Nyarko - Journal of Economic Theory, 1991 - Elsevier
Abstract I study the problem of a monopolist maximizing a sum of discounted profits facing a
linear demand curve whose slope and intercept are unknown. I show that if the monopolist
has a mis-specified model, ie, if the true slope and intercept lie outside of the support of ...
Cited by 42 - Related articles - Library Search - All 10 versions

[BOOK] The Bayesian foundations of learning by doing

B Jovanovic, Y Nyarko… - 1994 - econ.nyu.edu
Abstract. This paper explores a one-agent Bayesian model of learning by doing and
technological choice. To produce output, the agent can choose among various technologies.
The beneficial effects of learning by doing are bounded on each technology, and so long ...
Cited by 41 - Related articles - View as HTML - Get it from MIT Libraries - BL Direct - All 9 versions

Bayesian learning and convergence to Nash equilibria without common priors

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Y Nyarko - Economic Theory, 1998 - Springer
Summary. Consider an infinitely repeated game where each player is characterized by a
“type” which may be unknown to the other players in the game. Suppose further that each
player's belief about others is independent of that player's type. Impose an absolute ...
Cited by 23 - Related articles - BL Direct - All 7 versions

On the informational content of advice: A theoretical and experimental study

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Y Nyarko, A Schotter… - Economic Theory, 2006 - Springer
Abstract This paper examines the market for advice and the underlying perception that
advice is useful and informative. We do this by first providing a theoretical examination of the
informational content of advice and then by setting up a series of experimental markets ...
Cited by 24 - Related articles - BL Direct - All 16 versions

Convergence in economic models with bayesian hierarchies of beliefs

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Y Nyarko - journal of economic theory, 1997 - Elsevier
I study a model where hierarchies of beliefs (the beliefs about the beliefs of other agents,
etc.) are important. I provide conditions under which optimal actions of agents will converge
to the Nash equilibrium of the model characterized by the true, previously unknown “ ...
Cited by 20 - Related articles - BL Direct - All 14 versions

[PDF] Bayesian learning without common priors and convergence to Nash equilibria

[PDF] from nyu.edu
Y Nyarko - New York University Discussion Paper, 1992 - econ.nyu.edu
ABSTRACT. Consider an infinitely repeated game where each player is characterized by a"
type" which may be unknown to the other players in the game. Suppose that players obey
the axioms of Savage (1954): Ie, players have prior probability beliefs over the set of types ...
Cited by 20 - Related articles - Library Search - All 8 versions

Stochastic dynamic models with stock-dependent rewards

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Y Nyarko… - Journal of Economic Theory, 1991 - Elsevier
Abstract We examine the behavior of optimal consumption and investment policies in
aggregate stochastic growth models when utility depends on both consumption and the
stock level. Such models arise in the study of renewable resources, monetary growth, and ...
Cited by 18 - Related articles - All 6 versions

Research and productivity

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B Jovanovic… - 1995 - nber.org
We model research as a signal on an unknown parameter of a technology. We distinguish
applied from basic research and show that firms in the same industry can optimally choose
different research portfolios, and that basic research can seem to have a higher rate of ...
Cited by 16 - Related articles - BL Direct - All 16 versions

Optimal growth with unobservable resources and learning

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Y Nyarko… - Journal of Economic Behavior & Organization, 1996 - Elsevier
This paper examines the problem of choosing optimal resource consumption from an
imperfectly observable aggregate capital, wealth or resource stock which the decision-
maker learns about over time. Learning is complicated by the fact that the planner ...
Cited by 14 - Related articles - Library Search - All 9 versions

[PDF] Most games violate the Harsanyi doctrine

[PDF] from nyu.edu
Y Nyarko - Working Papers, 1991 - econ.nyu.edu
Most Games Violate the Harsanyi Doctrine Abstract. The type of a player in a game
describes the beliefs of that player about the types of others. We show that the subset
vectors of such player-type beliefs which obey the Harsanyi Doctrine (or consistency ...
Cited by 12 - Related articles - Get it from MIT Libraries - All 6 versions

[PDF] Savage-Bayesian models of economics

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NM Kiefer… - 1995), Learning and Rationality in Economics. …, 1995 - econ.nyu.edu
The" state of the an" in learning models in economics is highly unsettled. On the one hand,
we have the optimizing models in which learning occurs as a byproduct of maximizing
expected utility under uncertainty. This, includes the work of Rothschild (1974) and ...
Cited by 11 - Related articles

Stochastic growth when utility depends on both consumption and the stock level

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Y Nyarko… - Economic Theory, 1994 - Springer
Summary This paper examines the dynamic behavior of optimal consumption and
investment policies in the aggregate stochastic growth model when utility depends on both
consumption and the stock level. Such models arise in the study of renewable resources, ...
Cited by 11 - Related articles - All 7 versions

Savage-Bayesian agents play a repeated game

Y Nyarko - The Dynamics of norms, 1997 - books.google.com
Abstract I study the limiting behavior of an infinitely repeated game in which the players have
imperfect information about the strategies and types of the other players in the game. The
players are assumed to be" Savage-Bayesian" agents. In particular, the players form prior ...
Cited by 9 - Related articles

[PDF] Bayesian rationality and learning without common priors

[PDF] from nyu.edu
Y Nyarko - Working Papers, 1990 - econ.nyu.edu
Abstract. I study dynamic economic models where agents are uncertain not only about some
relevant parameters of the economy (the" fundamentals"), but where agents are also
uncertain about the actions that will be chosen by other agents in the economy. Agents ...
Cited by 9 - Related articles - Get it from MIT Libraries - All 6 versions

[BOOK] Bayesian learning in repeated games leads to correlated equilibria

Y Nyarko… - 1992 - econ.nyu.edu
ABSTRACT. Consider an infinitely repeated game where each player is characterized by a"
type" which may be unknown to the other players of. the game. Impose only two conditions
on the behavior of the players. First, impose the Savage(1954) axioms; ie, each player has ...
Cited by 8 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 6 versions

On the existence of optimal processes in non-stationary environments

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T Mitra… - Journal of Economics, 1991 - Springer
We consider an aggregative model of intertemporal allocation under uncertainty, in which
the utility and production functions are allowed to be time dependent, the random shocks
occurring in each period are entirely arbitrary, and the production functions are permitted ...
Cited by 8 - Related articles - All 5 versions

[CITATION] VA Bayesian Learning Model Fitted to a Variety of Empirical Learning Curves, V Brookings Papers on Economic Activity

B Jovanovic… - Microeconomics, 1995
Cited by 7 - Related articles

On the convergence of Bayesian posterior processes in linear economic models Counting equations and unknowns

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Y Nyarko - Journal of Economic Dynamics and Control, 1991 - Elsevier
Abstract I propose a technique, counting 'equations' and 'unknowns', for determining when
the posterior distributions of the parameters of a linear regression process converge to their
true values. This is applied to examples and to the infinite-horizon optimal control of this ...
Cited by 7 - Related articles - Library Search - All 9 versions

Control of a linear regression process with unknown parameters

NM Kiefer… - … of the Third Econometric Symposium in …, 2005 - books.google.com
Applications of forms of control theory to economic policy making have been studied by Theil
(1958), Chow (1975, 1981), and Prescott (1972). Many of the applications are
approximations to the optimal policy-suggestions of how to improve existing practice using ...
Cited by 5 - Related articles - All 2 versions

On the convexity of the value function in Bayesian optimal control problems

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Y Nyarko - Economic Theory, 1994 - Springer
Summary I study the question on the convexity of the value function and Blackwell (1951)'s
Theorem and relate this to the uniqueness of optimal policies. The main results will conclude
that strict convexity and a strict inequality in Blackwell's Theorem will hold if and only if ...
Cited by 5 - Related articles - All 7 versions

On characterizing optimality of stochastic competitive processes

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Y Nyarko - Journal of Economic Theory, 1988 - Elsevier
Abstract A condition is provided to replace the transversality condition in characterizing the
optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M.
Majumdar (“On Characterizing Optimality of Competitive Programs in Terms of ...
Cited by 4 - Related articles - All 7 versions

[BOOK] The" types" of a Bayesian Equilibrium

Y Nyarko… - 1993 - econ.nyu.edu
Abstract In this paper I formally define and compare the various notions of a" tJ1J. JI.." and
the associated concept of a Bayesian Nash equilibrium. I discuss re-parametrizationsof the
basic model and indicate which of the concepts of~ type become equivalent under various ...
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Bounded rationality and learning

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Y Nyarko, M Woodford… - Economic Theory, 1994 - Springer
Many have objected to the use of the Nash equilibrium (or more generally, Bayesian Nash
equilibrium) concept in game theory, and similarly to the use of the rational expectations
concept in the theory of competitive markets, on the grounds that the theory assumes too ...
Cited by 4 - Related articles - All 5 versions

[BOOK] The Truth is in the Eye of the Beholder: or Equilibrium in Beliefs and Rational Learning in Games

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Y Nyarko… - 1998 - econ.as.nyu.edu
ABSTRACT. Games with incomplete information or randomness in the moves of others
typically have many decision-theoretically equivalent formulations of the type space. These
different formulations correspond to different ways of encoding the realizations of ...
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[CITATION] The return to the brain drain and brain circulation in some sub-Saharan African nations

Y Nyarko - 2010 - NBER Africa Project Meetings, Accra …
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[BOOK] The Savage-Bayesian Foundations of Economic Dynamics

Y Nyarko… - 1993 - econ.nyu.edu
In this paper I provide a framework general enough to study economic dynamics in a multi-
agent model where each agent has imperfect information both on the" fundamentals" of the
economy (or" game") and also imperfect information on the actions or strategies being ...
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[CITATION] the Choice of Technology

Y Nyarko… - Econometrica, 1982
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[CITATION] How does Productivity Depends on Past R&D?'

B Jovanovic… - 1996 - … Eni Enrico Mattei, Note di Lavoro, …
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[CITATION] Is the brain drain good for Africa? Brookings Global Economy and Development Working Paper, n. 19

W EASTERLY… - Social in Science Research Network, março, 2008
Cited by 2 - Related articles

[CITATION] Stochastic Dynamics Resources Models With Stock-Dependent Rewards

Y Nyarko… - Working Papers, 1990 - econpapers.repec.org
By Yaw Nyarko and Lars Olson; STOCHASTIC DYNAMICS RESOURCES
MODELS WITH STOCK-DEPENDENT REWARDS.
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EU Policies and African Human Capital Development

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Y Nyarko - 2010 - cadmus.eui.eu
Brain Circulation between the European Union (EU) and Sub-Saharan Africa is a crucial
ingredient in Human Capital formation in the latter. A major constraint to African
development is the very low base of skilled and highly educated workers and ...
Cited by 2 - Related articles - Library Search - All 13 versions

[CITATION] An Experimental Study of Belief Learning with Elicited Beliefs

Y Nyarko… - 2000 - Working paper
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[BOOK] Learning, quantal response equilibrium and equilibrium in beliefs

[PDF] from nyu.edu
Y Nyarko… - 2001 - files.nyu.edu
Abstract This paper makes two points. First, the modeling used in the rational (or Bayesian)
learning literature can be generalized to handle the repeated shocks to preferences inherent
and implicit in models of quantal response equilibria (QRE). In particular, we note that the ...
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[CITATION] Rethinking the MDGS: Towards an Alternative Development Agenda Post-2015.”

Y Nyarko - Regional Workshop on Articulating Africa's Position on …, 2011
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[PDF] Learning and agreeing to disagree without common priors

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Y Nyarko - Working Papers, 1991 - econ.nyu.edu
Abstract. We study the guestion of Common Knowledge and Agreeing-To-Disagree first
discussed in the seminal paper of Aumann (1976) in a dynamic framework which is a
generalization of Geanakoplos and Polemarcharkis (1982). We replace the Common Prior ...
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[CITATION] The United Arab Emirates: Some Lessons in Economic Development

N Yaw - Unpublished Manuscript, 2008
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Most games violate the common priors doctrine

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Y Nyarko - International Journal of Economic Theory, 2010 - Wiley Online Library
1. I thank my teacher Professor Tapan Mitra for his inspiration and guidance over the years,
and I congratulate him on his 60th birthday–may he have many more birthdays. I thank
Professors Roy Radner and Chuck Wilson for many helpful suggestions. The support of ...
Cited by 1 - Related articles - All 7 versions

Social Safety Nets: The Role of Education, Remittances and Migration

[PDF] from eui.eu
Y Nyarko… - 2011 - cadmus.eui.eu
We study the role of education as a social protection mechanism. We compare the
effectiveness of direct cash handouts in comparison to education over the long-term in
reducing the vulnerability to poverty. We also look at the role of three inter-related ...
Cited by 1 - Related articles - All 10 versions

[PDF] Africa and the Indian Ocean: Trade, Investments, Global Partnerships, and Lessons

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YAW NYARKO - Yaw Nyarko, 2011 - afea-jad.com
ABSTRACT The relationships between Africa and the Indian Ocean span millennia.
Between nations in Africa and those on the Indian Ocean there are opportunities for greater
trade, for increased investments and for enhanced geo-political cooperation. Further, an ...
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[PDF] Economics Department of the University of Pennsylvania Institute of Social and Economic Research--Osaka University

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NM Kiefer… - International Economic Review, 1989 - econ.nyu.edu
Optimal control of a linear process with unknown parameters is considered when the
horizon is infinite and rewards are discounted. Active learning strategies are considered, ie,
agents consider the information value of possible actions as well as current reward. ...
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[PDF] OPTIMAL BAYESIAN COHTROL OF A HOHUNEAR REGRESSION PROCESS WITH UNKNOWN PARAMETERS

[PDF] from nyu.edu
NM Kiefer… - econ.nyu.edu
357 further restrictions ale introduced Implicitly through assumptions on the updating equation
(2.2) end the reward function £2.3). One example is the simple Linear regression nodal vi th
unknown slops and intercept and with the с independent draws from the normal ...
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[PDF] REviEw of AfRiCAn HouSEHolD SuRvEy DAtA on SoCiAl SAfEty-nEtS AnD tHE RolE of EDuCAtion, REmittAnCES AnD migRAtion

[PDF] from eui.eu
Y Nyarko, K Gyimah-Brempong… - 2010 - erd.eui.eu
ABSTRACT The question of the social protection of the poor and social safety-nets in Africa
has recently received attention from the European Union, United Nations agencies, as well
as in many academic papers and conferences. We provide a review of African Household ...
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[CITATION] Economic

D Austen-Smith, JS Banks, J Benhahih… - Journal of Economic …, 1976 - Academic Press.
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The United Arab Emirates: Some Lessons in Economic Development

Y Nyarko - Working Papers, 2010 - ideas.repec.org
Oil was discovered in the United Arab Emirates (UAE) just 50 years ago. During that time,
UAE has been able to transform itself into a rapidly modernizing country, which is fast
becoming a major economic hub and a key player on the international economic ...
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[PDF] Economic development as problem solving: a model of guns, germs and steel

[PDF] from cornell.edu
Y Nyarko - 2007 - arts.cornell.edu
There has been a vast recent literature which has emphasized the role of human capital and
knowledge on the economic growth process. This paper presents a model where the knowledge
occurs through solving Vproblems.V These problems which are partially idiosyncratic to ...
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[PDF] UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL Original: English

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Y Nyarko - 2007 - uneca.org
" We paid the price of not taking part in the Industrial Revolution of the late eighteenth
century because we did not have the opportunity to see what was taking place in Europe.
Now we see that information and communication technology has become an ...
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Economic Development as Problem Solving

Y Nyarko - 2006 Meeting Papers, 2006 - ideas.repec.org
There has been a vast recent literature which has emphasized the role of human capital and
knowledge on the economic growth process. This paper presents a model where the
knowledge occurs through solving" problems." These problems which are partially ...
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[CITATION] Notes, Comments, and Letters to the Editor

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Y Nyarko - Journal of economic theory, 1991 - Academic Press.
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[CITATION] Essays in Intertemporal Economics Under Uncertainty

JY Nyarko - 1986 - Cornell University, August
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[CITATION] New York University

Y Nyarko - African Higher Education: Implications for Development, 2003
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[CITATION] Providence, Rhode Island 02912

Y Nyarko - Decentralization in infinite horizon economies, 1992 - Westview Pr
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Social Safety Nets: The Role of Education, Remittances and Migration

YN Gyimah-Brempong - EUI-RSCAS Working Papers, 2011 - econpapers.repec.org
We study the role of education as a social protection mechanism. We compare the
effectiveness of direct cash handouts in comparison to education over the long-term in
reducing the vulnerability to poverty. We also look at the role of three inter-related ...
Cached - All 2 versions

[CITATION] Preception Rents and the Market for Advice in an Experimental Financial Market: By Yaw Nyarko and Andrew Schotter and Barry Sopher

Y Nyarko, A Schotter, B Sopher… - 2004 - School of Economics and Finance, …
Get it from MIT Libraries

[CITATION] Games, strategies, and managers: Oxford[ua], Oxford Univ. Press, 1992

Full text - MIT Libraries
Y Nyarko - Journal of economic literature, 1993

Perception Rents in the Market for Advice

Y Nyarko… - 2004 Meeting Papers, 2004 - ideas.repec.org
It is commonly thought that a picture is worth a thousand words. If that is so, one might ask
how much data is a piece of advice worth. In other words, if advice is important than we
should be able to measure it in two ways: How much data would a rational decision maker ...
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[PDF] African Economic Conference 2009

[PDF] from uneca.org
Y Nyarko - uneca.org
ABSTRACT: Brain Circulation between the European Union (EU) and Sub-Saharan Africa is
a crucial ingredient in Human Capital formation in the latter. A major constraint to African
development is the very low base of skilled and highly educated workers and ...
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[CITATION] BAYES'RATIONAL EQUILIBRIA

Y Nyarko - Working Papers, 1989 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. BAYES' RATIONAL EQUILIBRIA. Yaw Nyarko. ...
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[PDF] С V. STARR CENTER FOR APPLIED ECONOMICS

[PDF] from nyu.edu
Y Nyarko - 1993 - econ.nyu.edu
Abstract. We study Bayesian learning in infinite horizon optimal control problems.
Blackwell's Theorem is applied to compare the solutions to the active and passive learning
problems. Conditions are given for the value function to be strictly convex and for ...
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Exposita Notes: Bayesian Learning and Convergence to Nash Equilibria Without Common Priors

Y Nyarko - 1998 - papers.ssrn.com
Abstract: Consider an infinitely repeated game where each player is characterized by a"
type" which may be unknown to the other players in the game. Suppose further that each
player's belief about others is independent of that player's type. Impose an absolute ...

[PDF] Social Safety Nets: The Role of Education, Remittances and Migration Part I

[PDF] from eui.eu
Y Nyarko… - erd.eui.eu
Abstract: We study the role of education as a social protection mechanism. We compare the
effectiveness of direct cash handouts as opposed to education over the long term in
reducing the vulnerability to poverty. We also look at the role of three inter-related ...
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The Returns to the Brain Drain and Brain Circulation in Sub-Saharan Africa: Some Computations Using Data from Ghana

[PDF] from nyu.edu
Y Nyarko - 2011 - nber.org
We look at the decision of the government or" central planner" in the allocation of scarce
governmental resources for tertiary education, as well as that for the individual. We provide
estimates of the net present values, or cost and benefits. These include costs of tertiary ...
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[PDF] L'emploi et l'économie du savoir en Afrique

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Y Nyarko… - 2007 - uneca.org
" Nous avons payé le prix pour ne pas avoir pris part à la révolution industrielle de la fin du
XVIIIe siècle parce que nous n'avons pas eu la chance de voir ce qui se passait en Europe.
Maintenant, nous voyons que les technologies de l'information et de la communication ...
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