Over time, inspection agencies gather information about firms that cause harmful externalities. This information may … certain circumstances, mimicking, or even the threat of mimicking, might reduce socially harmful activities and thus be …

endogenous welfare relevant learning is feasible, the economy cannot be perfectly competitive unless identical learning choices … information is shared, externalities arise. The standard conditions for the two fundamental welfare theorems, thus, implicitly … preclude heterogeneous welfare relevant learning decisions. …

cause agents to aggregate information through social/observational learning; second, it will decrease the network …

observe any news to mimic high types by quitting strategically. In equilibrium, there is a mimicking phase of time when low …