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A simulation approach to a world with learning

Listed author(s):
  • Andreu, Rafael


    (IESE Business School)

  • Riverola, Josep

    (IESE Business School)

  • Rosanas, Josep M.

    (IESE Business School)

  • de Santiago, Rafael

    (IESE Business School)

Registered author(s):

    The main objective of the firm in economics-based models is to maximize profit. Dropping this objective in order to make the models more realistic complicates the analysis and is seldom done, thus leaving management action out of the picture. In this paper we try to understand how management decisions give rise to aggregate results. In particular, we develop a simulation model of an economy in which emphasis is placed on managers' decision-making criteria. The key decision managers have to make is which projects their firms will undertake. Project selection has an impact on the firm, as the firm's profile may change through learning.

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    Paper provided by IESE Business School in its series IESE Research Papers with number D/886.

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    Length: 23 pages
    Date of creation: 13 Oct 2010
    Handle: RePEc:ebg:iesewp:d-0886
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    IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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