Show simple item record

dc.contributor.authorRhim, Joong Bumen_US
dc.contributor.authorGoyal, Vivek K.en_US
dc.date.accessioned2021-06-25T15:26:18Z
dc.date.available2021-06-25T15:26:18Z
dc.date.issued2013-07
dc.identifier.citationJoong Bum Rhim, Vivek K Goyal. 2013. "Social teaching: Being informative vs. being right in sequential decision making." 2013 IEEE International Symposium on Information Theory. 2013 IEEE International Symposium on Information Theory (ISIT). 2013-07-07 - 2013-07-12. https://doi.org/10.1109/isit.2013.6620697
dc.identifier.urihttps://hdl.handle.net/2144/42716
dc.description.abstractWe consider sequential Bayesian binary hypothesis testing where each individual agent makes a binary decision motivated only by minimization of her own perception of the Bayes risk. The information available to each agent is an initial belief, a private signal, and decisions of all earlier-acting agents; it is follows that each agent should apply a standard Bayesian update of her belief as in social learning. The effect of the set of initial beliefs on the decision-making performance of the last agent is studied. In general, the optimal initial beliefs are not equal to the actual prior probability. When the private signals are described by Gaussian likelihoods, they also are not haphazard, but rather follow a systematic pattern: The earlier-acting agents should act as if the prior probability is larger than it is in reality when the true prior probability is small, and vice versa. We interpret this as being open-minded toward the unlikely hypothesis. Such open-mindedness increases but does not maximize the mutual information between the true hypothesis and a decision.en_US
dc.language.isoen_US
dc.publisherIEEEen_US
dc.relation.ispartof2013 IEEE International Symposium on Information Theory
dc.subjectEconomicsen_US
dc.subjectBayes methodsen_US
dc.titleSocial teaching: being informative vs. being right in sequential decision makingen_US
dc.typeConference materialsen_US
dc.description.versionFirst author draften_US
dc.identifier.doi10.1109/isit.2013.6620697
pubs.elements-sourcecrossrefen_US
pubs.notesEmbargo: No embargoen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, College of Engineeringen_US
pubs.organisational-groupBoston University, College of Engineering, Department of Electrical & Computer Engineeringen_US
pubs.publication-statusPublisheden_US
dc.identifier.orcid0000-0001-8471-7049 (Goyal, Vivek K)
dc.identifier.mycv37065


This item appears in the following Collection(s)

Show simple item record