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Estimating Bayesian decision problems with heterogeneous priors

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In many areas of economics there is a growing interest in how expertise and preferences drive individual and group decision making under uncertainty. Increasingly, we wish to estimate such models to quantify which of these drive decision making. In this paper we propose a new channel through which we can empirically identify expertise and preference parameters by using variation in decisions over heterogeneous priors. Relative to existing estimation approaches, our \Prior- Based Identification" extends the possible environments which can be estimated, and also substantially improves the accuracy and precision of estimates in those environments which can be estimated using existing methods.

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1357.

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Date of creation: Mar 2013
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Handle: RePEc:upf:upfgen:1357

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Web page: http://www.econ.upf.edu/

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Keywords: Bayesian decision making; expertise; preferences; estimation.;

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  1. Stephen Hansen & Carlos Velasco Rivera & Michael McMahon, 2013. "How Experts Decide: Preferences or Private Assessments on a Monetary Policy Committee?," CAMA Working Papers 2013-19, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  2. Iaryczower, Matias & Lewis, Garrett & Shum, Matthew, 2013. "To elect or to appoint? Bias, information, and responsiveness of bureaucrats and politicians," Journal of Public Economics, Elsevier, Elsevier, vol. 97(C), pages 230-244.
  3. Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005. "Information acquisition and decision making in committees: A survey," European Journal of Political Economy, Elsevier, vol. 21(3), pages 563-597, September.
  4. Matias Iaryczower & Matthew Shum, 2012. "The Value of Information in the Court: Get It Right, Keep It Tight," American Economic Review, American Economic Association, American Economic Association, vol. 102(1), pages 202-37, February.
  5. Peter Sorensen & Marco Ottaviani, 2000. "Herd Behavior and Investment: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 90(3), pages 695-704, June.
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