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In a misspecified social learning setting, agents are condescending if they perceive their peers as having private information that is of lower quality than it is in reality. Applying this to a standard sequential model, we show that outcomes improve when agents are mildly condescending. In...
Persistent link: https://www.econbiz.de/10015419703
In a misspecified social learning setting, agents are condescending if they perceive their peers as having private information that is of lower quality than it is in reality. Applying this to a standard sequential model, we show that outcomes improve when agents are mildly condescending. In...
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This paper develops a model of repeated interaction in social networks among agents with differing degrees of sophistication. The focus of the model is observational learning; that is, each agent receives initial private information and makes inferences regarding the private information of...
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Two firms produce substitute goods of unknown quality. At each stage the firms set prices and a consumer with private information and unit demand buys from one of the firms. Both firms and consumers see the entire history of prices and purchases. Will such markets aggregate information? Will the...
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