Suppose competent economists obtain common information on business forecasts, and incompetent economists obtain … independent information. If no one knows who is able, young economists mimic others because a forecast different from others … indicated inability when it proves wrong. An older economist, however, can infer his ability from past information. Those who …

Baron and Myerson (1982): the levels of quantity and quality are lower under asymmetric information than under symmetric … information. Unlike their work, however, the price level can be higher or lower under asymmetric information, depending on the …

Baron and Myerson (1982): the levels of quantity and quality are lower under asymmetric information than under symmetric … information. Unlike their work, however, the price level can be higher or lower under asymmetric information, depending on the …