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Learning in Bayesian Regulation

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  • Koray, Semih
  • Saglam, Ismail

Abstract

We examine the issue of learning in a generalized principal-agent model with incomplete information. We show that there are situations in which the agent prefers a Bayesian regulator to have more information about his private type. Moreover, the outcome of the Bayesian mechanism regulating the agent is path-dependent; i.e. the convergence of the regulator's belief to the truth does not always yield the complete information outcome.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1899.

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Date of creation: Apr 2005
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Handle: RePEc:pra:mprapa:1899

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Related research

Keywords: Learning; Principle-Agent Model; Bayesian Regulation; Incomplete Information Learning;

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References

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  1. Guesnerie, Roger & Laffont, Jean-Jacques, 1984. "A complete solution to a class of principal-agent problems with an application to the control of a self-managed firm," Journal of Public Economics, Elsevier, Elsevier, vol. 25(3), pages 329-369, December.
  2. E. Kalai & E. Lehrer, 2010. "Rational Learning Leads to Nash Equilibrium," Levine's Working Paper Archive 529, David K. Levine.
  3. Semih Koray & Ismail Saglam, 2005. "The Need for Regulating a Bayesian Regulator," Journal of Regulatory Economics, Springer, Springer, vol. 28(1), pages 5-21, 07.
  4. Jordan, J. S., 1991. "Bayesian learning in normal form games," Games and Economic Behavior, Elsevier, Elsevier, vol. 3(1), pages 60-81, February.
  5. Gibbard, Allan, 1973. "Manipulation of Voting Schemes: A General Result," Econometrica, Econometric Society, Econometric Society, vol. 41(4), pages 587-601, July.
  6. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 47(1), pages 61-73, January.
  7. Koray, Semih & Sertel, Murat R., 1990. "Pretend-but-perform regulation and limit pricing," European Journal of Political Economy, Elsevier, Elsevier, vol. 6(4), pages 451-472.
  8. Kiefer, Nicholas M & Nyarko, Yaw, 1989. "Optimal Control of an Unknown Linear Process with Learning," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(3), pages 571-86, August.
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Cited by:
  1. Koray, Semih & Saglam, Ismail, 1997. "Justifiability of Bayesian Implementation in Oligopolistic Markets," MPRA Paper 4459, University Library of Munich, Germany.

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