A consumer with unit demand sequentially visits sellers of competing products for which her private values are uncertain. She can learn each value at a cost or purchase any of the products without learning. Each seller optimally sets either a "regular" price which induces a visiting consumer to...

To overcome the no-trade theorems due to Aumann (1976) and others, models of speculative trade have relied on agents that do not maximize expected wealth (noise traders). We develop an overlapping generations model in which rational wealth-maximizing speculators with a common prior trade a...