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Social Learning and Costly Information Acquisition

Author

Listed:
  • 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.

Suggested Citation

  • Burguet, R. & Vives, X., 1996. "Social Learning and Costly Information Acquisition," UFAE and IAE Working Papers 323.96, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  • Handle: RePEc:aub:autbar:323.96
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    Citations

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    Cited by:

    1. Xavier Vives, 2017. "Endogenous Public Information and Welfare in Market Games," Review of Economic Studies, Oxford University Press, vol. 84(2), pages 935-963.
    2. Vives, Xavier, 1996. "Social learning and rational expectations," European Economic Review, Elsevier, vol. 40(3-5), pages 589-601, April.
    3. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
    4. 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).
    5. Celen, Bogachan & Hyndman, Kyle, 2006. "Endogenous Network Formation In the Laboratory," MPRA Paper 1440, University Library of Munich, Germany.
    6. 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.
    7. Marc-Andreas Muendler, 2005. "Rational Information Choice in Financial Market Equilibrium," CESifo Working Paper Series 1436, CESifo Group Munich.
    8. Yang, Wan-Ru, 2011. "Herding with costly information and signal extraction," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 624-632, October.
    9. Marcello Miccoli, 2012. "Optimal dynamic public communication," Temi di discussione (Economic working papers) 856, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    INFORMATION; COSTS;

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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