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Two-Dimensional Information Acquisition in Social Learning

Author

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  • Nina Bobkova

  • Helene Mass

Abstract

We analyze a social learning model where the agents’ utility depends on a common component and an idiosyncratic component. Each agent splits a learning budget between the two components. We show that information about the common component is fully aggregated if and only if agents do not have to sacrifice learning about their idiosyncratic component in order to learn marginally about the common component. If agents vary in how much they value their idiosyncratic component, then the order of agents can strictly impact how much information is aggregated

Suggested Citation

  • Nina Bobkova & Helene Mass, 2023. "Two-Dimensional Information Acquisition in Social Learning," CRC TR 224 Discussion Paper Series crctr224_2023_433, University of Bonn and University of Mannheim, Germany.
    • Handle: RePEc:bon:boncrc:crctr224_2023_433
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    File URL: https://www.crctr224.de/research/discussion-papers/archive/dp433
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    JEL classification:

    • 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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