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- Title
Social Learning Equilibria.
- Authors
Mossel, Elchanan; Mueller‐Frank, Manuel; Sly, Allan; Tamuz, Omer
- Abstract
We consider a large class of social learning models in which a group of agents face uncertainty regarding a state of the world, share the same utility function, observe private signals, and interact in a general dynamic setting. We introduce social learning equilibria, a static equilibrium concept that abstracts away from the details of the given extensive form, but nevertheless captures the corresponding asymptotic equilibrium behavior. We establish general conditions for agreement, herding, and information aggregation in equilibrium, highlighting a connection between agreement and information aggregation.
- Subjects
SOCIAL learning; SOCIAL stability; UTILITY functions; SOCIAL classes; EQUILIBRIUM
- Publication
Econometrica, 2020, Vol 88, Issue 3, p1235
- ISSN
0012-9682
- Publication type
Article
- DOI
10.3982/ECTA16465