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Choosing Records

Author

Listed:
  • Andrea Mattozzi

    (Caltech)

  • Matias Iaryczower

    (Caltech)

Abstract

In conclusion, we show that the expected quality of an Agent conditional on a $d= (0,0) $ record is always above the expected quality of an untested agent. On the other hand, the expected quality associated with a record of $ (1,1) $ is below the expected quality of an untested agent for a large set of parameters. If we also assume that the Principal can only distinguish between a consistent record and a flip-flop record, then it is possible to show that a consistent record is always worse than a flip-flop record. Furthermore, if the Principal is risk averse, than a consistent record might be a real disaster since it is also associated with the highest conditional variance.

Suggested Citation

  • Andrea Mattozzi & Matias Iaryczower, 2009. "Choosing Records," 2009 Meeting Papers 886, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:886
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