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Social Learning and Costly Information Acquisition

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Author Info

  • Burguet, R.
  • Vives, X.

Abstract

This paper studies the incentives of short-lived agents to acquire costly private information in the presence of public signals arising from market interaction. It characterizes the social learning process, that is the revelation of information by public signals, and the information externalities involved. The analysis provides insights on the scope for government intervention.

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Bibliographic Info

Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 323.96.

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Length: 35 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:aub:autbar:323.96

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Related research

Keywords: INFORMATION; COSTS;

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Cited by:
  1. Lars P. Feld & Benno Torgler & Bin Dong, 2008. "Coming Closer? Tax Morale, Deterrence and Social Learning after German Unification," CREMA Working Paper Series 2008-09, Center for Research in Economics, Management and the Arts (CREMA).
  2. Marcello Miccoli, 2012. "Optimal dynamic public communication," Temi di discussione (Economic working papers) 856, Bank of Italy, Economic Research and International Relations Area.
  3. Bogachan Celen & Kyle Hyndman, 2007. "Endogenous Network Formation in the Laboratory," Departmental Working Papers 0701, Southern Methodist University, Department of Economics.
  4. Marc-Andreas Muendler, 2005. "Rational Information Choice in Financial Market Equilibrium," CESifo Working Paper Series 1436, CESifo Group Munich.
  5. Vives, X..A., 1995. "Social Learning and Rational Expectations," UFAE and IAE Working Papers 305.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  6. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany.
  7. Xavier Vives, 2011. "Endogenous Public Information and Welfare," CESifo Working Paper Series 3492, CESifo Group Munich.
  8. David Hirshleifer & Siew Hong Teoh, 2003. "Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis," European Financial Management, European Financial Management Association, vol. 9(1), pages 25-66.
  9. Yang, Wan-Ru, 2011. "Herding with costly information and signal extraction," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 624-632, October.

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