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(Pro-)Social Learning and Strategic Disclosure

Author

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  • Roland Bénabou
  • Nikhil Vellodi

Abstract

We study a sequential experimentation model with endogenous feedback. Agents choose between a safe and risky action, the latter generating stochastic rewards. When making this choice, each agent is selfishly motivated (myopic). However, agents can disclose their experiences to a public record, and when doing so are prosocially motivated (forward-looking). Disclosure is both polarized (only extreme signals are disclosed) and positively biased (no feedback is bad news). The extent of disclosure is non-monotone in prior uncertainty. Subsidizing disclosure costs can paradoxically lead to less disclosure, but more experimentation.

Suggested Citation

  • Roland Bénabou & Nikhil Vellodi, 2025. "(Pro-)Social Learning and Strategic Disclosure," American Economic Journal: Microeconomics, American Economic Association, vol. 17(4), pages 102-125, November.
    • Handle: RePEc:aea:aejmic:v:17:y:2025:i:4:p:102-25
    DOI: 10.1257/mic.20240190
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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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