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Search and active learning with correlated information: Empirical evidence from Mid-Atlantic clam fishermen

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Author Info
Marcoul, Philippe
Weninger, Quinn

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Abstract

This paper examines search with active learning and correlated information. We first develop a simple model to show how correlation affects the decision to acquire information. A unique data set on fishing site choice by mid-Atlantic clam fishermen is used to test the model predictions. Results find that clam fishermen search new sites when the catch at familiar sites declines, i.e., when the opportunity cost of gathering information is low, but also when catch at familiar sites is on the rise. Search following a catch decline occurs at spatially distant sites whereas search following a catch increase occurs at nearby sites. Correlated learning is crucial for explaining the site choice patterns in our data. These results provide new insights that may extend to a variety of economic search problems where correlated learning is important.

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11601.

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Length: 41 pages
Date of creation: 26 Mar 2004
Date of revision:
Publication status: Published in Journal of Economic Dynamics and Control, 2008, Vol. 32, pp. 1921-1948.
Handle: RePEc:isu:genres:11601

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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Related research
Keywords: Search; active learning; fishing site choice;

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Find related papers by JEL classification:
Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rothschild, Michael, 1974. "Searching for the Lowest Price When the Distribution of Prices Is Unknown," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 689-711, July/Aug.. [Downloadable!] (restricted)
  2. Dupont, D.P., 1993. "Price Uncertainty,Expectations Formation and Fishers' Allocation Choice," Working Papers 1993-1, Brock University, Department of Economics.
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    Other versions:
  5. Patrick Bolton & Christopher Harris, 1999. "Strategic Experimentation," Econometrica, Econometric Society, vol. 67(2), pages 349-374, March.
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    Other versions:
  7. Ilhem Kassar & Pierre Lasserre, 2002. "Species Preservation and Biodiversity Value: A Real Options Approach," CIRANO Working Papers 2002s-82, CIRANO. [Downloadable!]
    Other versions:
  8. Eales, James & Wilen, James E., 1986. "An Examination of Fishing Location Choice in the Pink Shrimp Fishery," Marine Resource Economics, Marine Resources Foundation, vol. 2(4). [Downloadable!]
  9. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Oxford University Press, vol. 14(3), pages 347-68, September.
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  11. Grossman, Sanford J & Kihlstrom, Richard E & Mirman, Leonard J, 1977. "A Bayesian Approach to the Production of Information and Learning by Doing," Review of Economic Studies, Blackwell Publishing, vol. 44(3), pages 533-47, October. [Downloadable!] (restricted)
  12. Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-85, February. [Downloadable!] (restricted)
  13. Adam, Klaus, 2001. "Learning While Searching for the Best Alternative," Journal of Economic Theory, Elsevier, vol. 101(1), pages 252-280, November. [Downloadable!] (restricted)
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  14. McKenna, Christopher J, 1986. "Theories of Individual Search Behaviour," Bulletin of Economic Research, Blackwell Publishing, vol. 38(3), pages 189-207, September.
  15. Gordon Rausser & Arthur Small, 2000. "Valuing Research Leads: Bioprospecting and the Conservation of Genetic Resources," Berkeley Olin Program in Law & Economics, Working Paper Series 1022, Berkeley Olin Program in Law & Economics. [Downloadable!]
    Other versions:
  16. Dupont, Diane P., 1993. "Price Uncertainty, Expectations Formation and Fishers' Location Choices," Marine Resource Economics, Marine Resources Foundation, vol. 8(3). [Downloadable!]
  17. Jeffrey Banks & David Porter & Mark Olson, 1997. "An experimental analysis of the bandit problem," Economic Theory, Springer, vol. 10(1), pages 55-77. [Downloadable!] (restricted)
  18. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June. [Downloadable!] (restricted)
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