Showing 1 - 10 of 162
We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a … makers. We ask whether there exist "full learning'' equilibria - ones in which the players' posterior beliefs eventually … equilibria do not exist. This is so both in the case of private communication in which each player only hears the message of his …
Persistent link: https://www.econbiz.de/10014220427
We exhibit a natural environment, social learning among heterogeneous agents, where even slight misperceptions can have … a large negative impact on long-run learning outcomes. We consider a population of agents who obtain information about … information aggregation can be improved by simplifying agents’ learning environment. The key feature behind our findings is that …
Persistent link: https://www.econbiz.de/10014101225
We study to what extent information aggregation in social learning environments is robust to slight misperceptions of … the agents' learning environment …
Persistent link: https://www.econbiz.de/10012894854
correlation across players. For each information structure, we define a simple learning efficiency index, which only considers the … this index characterizes the speed of common learning (Cripps, Ely, Mailath, and Samuelson, 2008): In particular, the speed … individual learning, and does not depend on the correlation across players’ signals. Second, we build on this characterization to …
Persistent link: https://www.econbiz.de/10013215438
Motivated by the fact that people's perceptions of their societies are routinely incorrect, we study the possibility and implications of misperception in social interactions. We focus on coordination games with assortative interactions, where agents with higher types (e.g., wealth, political...
Persistent link: https://www.econbiz.de/10012921133
We study optimal pricing in the presence of recommender systems. A recommender system affects the market in two ways: (i) it creates value by reducing product uncertainty for the customers and hence (ii) its recommendations can be offered as add-ons which generate informational externalities....
Persistent link: https://www.econbiz.de/10014059057
We study the efficient allocation of buyers in the presence of recommender systems. A recommender system affects the market in two ways: (i) it creates value by reducing product uncertainty for the customers and hence (ii) its recommendations can be offered as add-ons, which generates...
Persistent link: https://www.econbiz.de/10014057016
We take an equilibrium-based approach to study the interplay between behavior and misperceptions in coordination games with assortative interactions. Our focus is assortativity neglect, where agents fail to take into account the extent of assortativity in society. We show, first, that...
Persistent link: https://www.econbiz.de/10012889639
We formulate a model of social interactions and misinferences by agents who neglect assortativity in their society, mistakenly believing that they interact with a representative sample of the population. A key component of our approach is the interplay between this bias and agents’ strategic...
Persistent link: https://www.econbiz.de/10013323098
This paper examines social learning when only one of the two types of decisions is observable. Because agents arrive …, as in the standard model, learning is complete if and only if signals are unbounded. If signals are bounded, cascades may …
Persistent link: https://www.econbiz.de/10014201514