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3,122
Entrepreneurship: Productive, Unproductive, and Destructive
- JOURNAL OF POLITICAL ECONOMY
, 1990
"... The basic hypothesis is that, while the total supply of entrepreneurs varies anlong societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive activitie ..."
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Cited by 641 (2 self)
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activities such as rent seeking or organized crime. This allocation is heavily influenced by the relative payoffs society offers to such activities. This implies that policy can influence the allocation of entrepreneurship more effectively than it can influence its supply. Historical evidence from ancient
Investor psychology and security market under- and overreactions
- Journal of Finance
, 1998
"... We propose a theory of securities market under- and overreactions based on two well-known psychological biases: investor overconfidence about the precision of private information; and biased self-attribution, which causes asymmetric shifts in investors ’ confidence as a function of their investment ..."
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Cited by 698 (43 self)
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We propose a theory of securities market under- and overreactions based on two well-known psychological biases: investor overconfidence about the precision of private information; and biased self-attribution, which causes asymmetric shifts in investors ’ confidence as a function of their investment
Does Compulsory School Attendance Affect Schooling and Earnings?
, 1990
"... This paper presents evidence showing that individuals' season of birth is related to their educational attainment because of the combined effects of school start age policy and compulsory school attendance laws. In most school districts, individuals born in the beginning of the year start sc ..."
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Cited by 662 (13 self)
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This paper presents evidence showing that individuals' season of birth is related to their educational attainment because of the combined effects of school start age policy and compulsory school attendance laws. In most school districts, individuals born in the beginning of the year start
Policy bias and agriculture: Partial and general equilibrium measures
- Review of Development Economics
, 2001
"... acknowledged. Comments are welcome and can be directed to: ..."
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Cited by 5 (1 self)
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acknowledged. Comments are welcome and can be directed to:
AN EMPIRICAL INVESTIGATION INTO THE DETERMINANTS OF TRADE POLICY BIAS
"... ABSTRACT There exists an extensive literature that attempts to identify important factors that determine trade policies. An understanding of these important factors could be useful when negotiating trade agreements, especially in agriculture, which is a relatively heavily supported industry. Limao ..."
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and Panagariya (L&P, 2007) modify Grossman and Helpman's (G&H, 1994) lobbying model in an attempt to understand why anti-trade bias (as opposed to pro-trade bias, which is predicted by the G&H (1994) model) is the predominant pattern in observed trade policy. L&P (2007) propose
Addressing the Policy-bias of Q-learning by Repeating Updates∗
"... Q-learning is a very popular reinforcement learning algorithm be-ing proven to converge to optimal policies in Markov decision pro-cesses. However, Q-learning shows artifacts in non-stationary en-vironments, e.g., the probability of playing the optimal action may decrease if Q-values deviate signifi ..."
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Cited by 2 (2 self)
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Q-learning is a very popular reinforcement learning algorithm be-ing proven to converge to optimal policies in Markov decision pro-cesses. However, Q-learning shows artifacts in non-stationary en-vironments, e.g., the probability of playing the optimal action may decrease if Q-values deviate
Learning from demonstration”.
- Advances in Neural Information Processing Systems 9.
, 1997
"... Abstract By now it is widely accepted that learning a task from scratch, i.e., without any prior knowledge, is a daunting undertaking. Humans, however, rarely attempt to learn from scratch. They extract initial biases as well as strategies how to approach a learning problem from instructions and/or ..."
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Cited by 399 (32 self)
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Abstract By now it is widely accepted that learning a task from scratch, i.e., without any prior knowledge, is a daunting undertaking. Humans, however, rarely attempt to learn from scratch. They extract initial biases as well as strategies how to approach a learning problem from instructions and
Attitudes towards Risk. Experimental Measurement in Rural India
, 1978
"... Attitudes toward risk were measured in 240 households using two methods: an interview method eliciting certainty equivalents and an experimental gambling approach with real payoffs which, at their maximum, exceeded monthly incomes of unskilled laborers. The interview method is subject to interviewer ..."
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Cited by 353 (3 self)
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to interviewer bias and its results were totally inconsistent with the experimental measures of risk aversion. Experimental measures indicate that, at high payoff levels, virtually all individuals are moderately risk-averse with little variation according to personal characteristics. Wealth tends to reduce risk
MEASURING AGRICULTURAL POLICY BIAS: GENERAL EQUILIBRIUM ANALYSIS OF FIFTEEN DEVELOPING COUNTRIES
"... Measurement is a key issue in the literature on price incentive bias induced by trade policy.We intro-duce a general equilibriummeasure of the relative effective rate of protection,which generalizes earlier protection measures. For our fifteen sample countries, results indicate that the agricultural ..."
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Measurement is a key issue in the literature on price incentive bias induced by trade policy.We intro-duce a general equilibriummeasure of the relative effective rate of protection,which generalizes earlier protection measures. For our fifteen sample countries, results indicate
Policy Biases when the Monetary and Fiscal Authorities Have Different Objectives
"... Until recently, the debate on the relationship between... ..."
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Cited by 3 (0 self)
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Until recently, the debate on the relationship between...
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