EconPapers    
Economics at your fingertips  
 

Search and active learning with correlated information: Empirical evidence from mid-Atlantic clam fishermen

Philippe Marcoul () and Quinn Weninger ()

Journal of Economic Dynamics and Control, 2008, vol. 32, issue 6, 1921-1948

Abstract: This paper examines search with active learning and correlated information. We first develop a simple model to show how correlation affects the decision to acquire information. A unique data set on fishing site choice by mid-Atlantic clam fishermen is used to test the model predictions. Results find that clam fishermen search new sites when the catch at familiar sites declines, i.e., when the opportunity cost of gathering information is low, and also when catch at familiar sites is on the rise. Search following a catch decline occurs at spatially distant sites whereas search following a catch increase occurs at nearby sites. Correlated learning is crucial for explaining the site choice patterns in our data. These results provide new insights that may extend to a variety of economic search problems where correlated learning is important.

Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (5) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165-1889(07)00176-5
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Search and Active Learning with Correlated Information: Empirical Evidence from Mid-Atlantic Clam Fishermen (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:32:y:2008:i:6:p:1921-1948

Access Statistics for this article

Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

More articles in Journal of Economic Dynamics and Control from Elsevier
Series data maintained by Dana Niculescu ().

 
Page updated 2017-11-15
Handle: RePEc:eee:dyncon:v:32:y:2008:i:6:p:1921-1948