CEIS-Tor Vergata is pleased to inform you that, on Friday November 11, 2011 at 12.00 pm, prof. Andrea Mattozzi (European University Institute) will present a paper on “Choosing Leaders: Learning from Past Decisions in a Changing Environment”The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 ABSTRACT An incumbent executive has both policy and career concerns. The optimal policy in each period evolves according to a Markov process, and the executive observes imperfect signals in each period. A voter observes the executive's decisions and chooses whether or not to reappoint the executive to office. We show that with a small amount of transparency about the outcomes of the executive's decisions in office, if his tenure is long enough (i) the voter appoints good types and fires bad types with probability close to one, and (ii) the executive chooses policy as if he had no career concerns (implying efficiency when he has the same preferences as the voter). We also show that in this case consistent records are indicative of ability when past information depreciates sufficiently fast, but that this is not true in general.. Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 6611 (20111108) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
Archivio con motore MhonArc 2.6.16.