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Informational externalities and emergence of consensus

Author

Listed:
  • Nicolas Vieille

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Eilon Solan

    (TAU - Tel Aviv University)

  • Dinah Rosenberg

    (LAGA - Laboratoire Analyse, Géométrie et Applications - UP8 - Université Paris 8 - UP13 - Université Paris 13 - Institut Galilée - CNRS - Centre National de la Recherche Scientifique, CECO - Laboratoire d'économétrie de l'École polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique)

Abstract

We study a general model of dynamic games with purely informational externalities. We prove that eventually all motives for experimentation disappear, and provide the exact rate at which experimentation decays. We also provide tight conditions under which players eventually reach a consensus. These results imply extensions of many known results in the literature of social learning and getting to agreement.

Suggested Citation

  • Nicolas Vieille & Eilon Solan & Dinah Rosenberg, 2009. "Informational externalities and emergence of consensus," Post-Print hal-00464565, HAL.
    • Handle: RePEc:hal:journl:hal-00464565
    DOI: 10.1016/j.geb.2008.09.027
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