Séminaire Microéconomie : Tous les mercredis
Heure : 12h15 – 13h30
Date : 04/10/2023
Salle : 3001

Jakub STEINER (University of Zurich and CERGE-EI) – “Growth and Likelihood”, a joint work with Larry Samuelson” 

CV : We examine a stochastic growth process that can alternatively be interpreted as a model of economic growth, financial portfolio management, statistical inference, or biological population growth.  For the economic interpretation, we find that the growth-maximizing policy satisfies a meritocracy principle: it minimizes the discrepancy between the resource shares allocated to the agents and the agents’ “merits.” For the statistical interpretation, the setting is equivalent to a model of predictive coding, in which a misspecified system maximizes the fit of data. A consistency principle analogous to the meritocracy principle requires the optimal fit to minimize a degree of Bayes inconsistency.

Organisateurs :

Julien COMBE (Pôle d’Economie du CREST)
​​Yves Le YAOUNQ (Pôle d’Economie du CREST)
​​Matias NUNEZ (Pôle d’Economie du CREST)

Commanditaires :
CREST