dc.contributor.author | Mason, Robin | en_GB |
dc.contributor.author | Valimaki, Juuso | en_GB |
dc.date.accessioned | 2013-01-29T16:23:54Z | en_GB |
dc.date.accessioned | 2013-03-19T15:58:25Z | |
dc.date.issued | 2011-03-03 | en_GB |
dc.description.abstract | We propose a simple model of optimal stopping where the economic environment changes as a result of learning. A primary application of our framework is an optimal sales problem when the demand for a seller's good is initially uncertain. We distinguish between two versions of the model. In the first version, a lower price is always more informative; in the second, an intermediate price conveys most information to the seller. For the first model, we show that learning leads to a higher posted price by the seller. In the second version, we give sufficient conditions so that learning leads to a higher posted price for an optimistic seller and a lower price for a pessimistic seller. | en_GB |
dc.identifier.doi | 10.1016/j.jet.2011.03.013 | en_GB |
dc.identifier.uri | http://hdl.handle.net/10036/4241 | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | Elsevier | en_GB |
dc.subject | Learning | en_GB |
dc.subject | Smooth stopping | en_GB |
dc.title | Learning about the arrival of sales | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2013-01-29T16:23:54Z | en_GB |
dc.date.available | 2013-03-19T15:58:25Z | |
dc.identifier.issn | 0022-0531 | en_GB |
dc.description | Author's working paper dated 9 July 2010. Final version published by Elsevier; available online at https://doi.org/10.1016/j.jet.2011.03.013 | en_GB |
dc.identifier.journal | Journal of Economic Theory | en_GB |