Why imitate, and if so, how? A boundedly rational approach to multi-armed bandits

Article Abstract:

Individuals faced with choices yielding uncertain outcomes will nearly always imitate the behavior of another individual who is observed to receive a better outcome. The rate of imitation is proportional to the difference between the other's received outcome and the outcome received by the observer. This behavior is reinforced via simple observation-learning rules.

Analysis, Imitation

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On the optimality of privacy in sequential contracting

Article Abstract:

Development of mechanism for ensuring implementation of optimal disclosure policies, during exchange of information between buyers and sellers of goods and services, is described.

United States, General services, Purchasing, Usage, Company systems management, Information management, Control, Selling, Purchasing agents, Sales personnel, Salespeople, Heuristic programming

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