Optimal growth with unobservable resources and learning

Article Abstract:

The problem of selecting optimal resource consumption from an imperfectly observable aggregate capital, wealth or resource stock which the decisionmaker learns about across time is examined. In this learning scenario, the planner obtains information about an object which is a moving target. Assuming that the utility of zero consumption is negative infinity, the optimal policy observes a fully deterministic 'cautious' or 'minmax' pattern that considers the worst in each period and maximizes against it. The model is then compared to a model with wholly observable wealth levels.

Analysis, Learning, Resource allocation

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Old dogs and new tricks: determinants of the adoption of productivity-enhancing work practices

Article Abstract:

Modelling the employment practices of various firms comprises a large part of theoretical research in economics. Other studies focus on work practices rather than compensation practices, while still others highlight the modelling of groups of work practices instead of individual ones. Such models explain the variations observed in work practices of firms by noting differences in several factors. An empirical investigation of the employment of new work practices in a unique data set is presented. A comment on and general discussion of the article are also included.

Iron and Steel Mills, Blast furnaces and steel mills, Steel Mill Products, Economic aspects, Steel industry, Steel products, Labor productivity

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A Bayesian learning model fitted to a variety of empirical learning curves

Article Abstract:

A learning model based on the learning curve was presented. Productive efficiency increases through the process of learning by doing actual work. The learning curve was first studied in 1899 when two psychologists discovered that operators of the Morse code became more productive as they gained experience in their work. It was discovered that processes which are focused on learning will have longer learning times, will be complex and will result in inequality among learners. A comment on and general discussion of the article are included.

Bayesian statistical decision theory, Bayesian analysis, Indifference curves

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