We examine whether social networks facilitate online markets using data from a leading peer-to-peer lending website. We find that borrowers with social ties are consistently more likely to have their loans funded and receive lower interest rates; however, most borrowers with social ties do not...

We use a series of survey experiments to examine how consumers incorporate new information about the past to form their expectations about future inflation. Our novel experimental framework allows us to disentangle learning from different sources of information, and to separate genuine from...