Anderlini, Luca; Gerardi, Dino; Lagunoff, Roger - Cowles Foundation for Research in Economics, Yale University - 2008
We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a … equilibria do not exist. This is so both in the case of private communication in which each player only hears the message of his … immediate predecessor, and in the case of public communication, in which each player hears the message of all previous players …