Social Learning and Costly Information Acquisition
AbstractThis 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 InfoPaper 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.
Length: 35 pages
Date of creation: 1996
Date of revision:
Other versions of this item:
- Roberto Burguet & Xavier Vives, 2000. "Social learning and costly information acquisition," Economic Theory, Springer, vol. 15(1), pages 185-205.
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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- Muendler, Marc-Andreas, 2005.
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University of California at San Diego, Economics Working Paper Series
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- Xavier Vives, 2011.
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- Yang, Wan-Ru, 2011. "Herding with costly information and signal extraction," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 624-632, October.
- Hirshleifer, David & Teoh, Siew Hong, 2001.
"Herd Behavior and Cascading in Capital Markets: A Review and Synthesis,"
5186, University Library of Munich, Germany.
- 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.
- Marcello Miccoli, 2012. "Optimal dynamic public communication," Temi di discussione (Economic working papers) 856, Bank of Italy, Economic Research and International Relations Area.
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