The Relative Contributions of Private InformationSharing and Public Information Releases toInformation Aggregation

We calculate learning rates when agents are informed through both public andprivate observation of other agents’ actions. We provide an explicit solution forthe evolution of the distribution of posterior beliefs. When the private learningchannel is present, we show that convergence of the distribution of beliefs to theperfect-information limit is exponential at a rate equal to the sum of the meanarrival rate of public information and the mean rate at which individual agents arerandomly matched with other agents.[...]