We analyze a social learning model where the agents' utility depends not only on an unknown common component but also on an unknown idiosyncratic component. Each agent splits a learning budget between the two components. We characterize the optimal learning decisions and find necessary and...

Pay What You Want (PWYW) pricing has received considerable attention recently. Empirical studies show that if PWYW pricing is implemented, in a number of cases consumers do not behave selfishly and that some producers are able to use PWYW for increasing turnover and profits respectively. In this...