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This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...
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information is fully released) is also available. Our experiment is based on subsequent framework of Morris and Shin (2002 … in this paper. Our experiment indicates that - when fully disclosed - players overreact to public information and this … that the destabilizing effect of public information is less pronounced experimentally than when it does in theory. This is …
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We develop a dynamic two-period generalized beauty contest to study the optimal level of publicity when disclosed information is subject to multipliereffects inherent to social learning. We build upon the static case, where all agents receive a private signal about an unknown fundamental state...
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