Social Learning with Private and Common Values
نویسندگان
چکیده
We consider an environment where individuals sequentially choose among several actions. The payoff to an individual depends on her action choice, the state of the world, and an idiosyncratic, privately observed preference shock. Under weak conditions, as the number of individuals increases, the sequence of choices always reveals the state of the world. This contrasts with the familiar result for pure common-value environments where the state is never learned, resulting in herds or informational cascades. The medium run dynamics to convergence can be very complex and non-monotone: posterior beliefs may be concentrated on a wrong state for a long time, shifting suddenly to the correct state. JEL classification numbers: D82, D83
منابع مشابه
A Study on the Different Effect of Religiosity in General and Private Spheres of Life
Some researchers based on the distinction theory, believe that religious influence on other spheres of social life reduce and in spite of traditional life spheres lead by a set of its values, not by a coherent unit and driven by fragmentation theory of values. The effect of religion on public life and private areas such as work and family over the area of public policy is effective. The relat...
متن کاملLearning about Common and Private Values in Oligopoly
We characterize a duopoly buffeted by demand and cost shocks. Firms learn about shocks from common observation, private observation, and noisy price signals. Firms internalize how outputs affect a rival’s signal, and hence output. We distinguish how the nature of information—public versus private—and of what firms learn about—common versus private values—affect equilibrium outcomes. Firm output...
متن کاملآموزش بین حرفه ای ضرورتی برای رشد اخلاقی در حوزه ی سلامت
Introduction: The necessity of closed and continuous relationships, team work and collaboration between various health professions in treatment and care have confronted health ethics with many challenges. Inter-professional education has been proposed as an effective strategy to address this gap internationally. This study has been done to determine process of ethical growth and achiev...
متن کاملCommon and Important Signs, Symptoms and Diseases that a General Practitioner Should Know: One Step Toward Socially Accountable Education
Introduction: Social accountability is a fundamental feature in medical education. In this regard, the aim of this study was to explore the views of general practitioners in Isfahan about GP’s minimum learning essentials based on common and important signs, symptoms and diseases to be used in the revised curriculum in accordance with social accountability. Methods: This cross-sectional descript...
متن کاملThe Relationship betweenEFL Learners’ Self-Identity Changes, Motivation Types, and EFL Proficiency
This study aimed to explore the relationships between foreign language learners’ self-identity changes, motivation types, and Foreign Language proficiency associated with learning English in private language schools in Iranian context. Based on a stratified sampling, 204 English as a foreign language learners from three language schools in Tehran were selected to participate in the study. The i...
متن کاملNetwork Topology and Efficiency of Observational Social Learning
This paper explores the relationship between the topology of a network of agents and how efficiently they can learn a common unknown parameter. Agents repeatedly make private observations which are possibly informative about the unknown parameter; they also communicate their beliefs over the set of conceivable parameter values to their neighbors. It has been shown that for agents to learn the r...
متن کامل