I Say Hello, and You Say Goodbye. A Model of Informational Differentiation
AbstractWe analyze a model related to the strategic hereding literature where a second expert maximises his expected second period vvalue by conforming witj a first expert ("herding"). In contrast to the herdinfg literature we assume that an agent is most valuable if he is the only smart agent. We describe an equilibrium in which the second expert always opposes its predecessor's report. We call this anti-herding phenomenom "differenciation". Particular equilibrium charasteristics and also real life examples of differentiation are discussed.
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Bibliographic InfoPaper provided by Toulouse - GREMAQ in its series Papers with number 97.454a.
Length: 28 pages
Date of creation: 1997
Date of revision:
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- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
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