The Virtues of Hesitation: Optimal Timing in a Non-Stationary World
نویسندگان
چکیده
منابع مشابه
The Virtues of Hesitation‡
In many economic, political and social situations, circumstances change at random points in time, reacting is costly, and changes appropriate to present circumstances may be inappropriate after later changes, requiring further costly change. Waiting is informative if the hazard rate for the arrival of the next change is non-constant. In a broad range of contexts we show that hesitation or delay...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2015
ISSN: 0002-8282
DOI: 10.1257/aer.20121282