We report two information cascade game experiments that directly test the impact of altruism on observational learning … informational benefits to subsequent participants. We find that observed contradict their private information significantly less … substantial public information which increases the earnings of participants. In Experiment 2, participants have better …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …

We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show … order to facilitate private sector learning and thus ease the future intratemporal inflation-output gap trade-offs. The … policy recommendation is robust: the welfare loss entailed by the optimal policy under learning if the private sector …

considering knowledge diffusion on a Salop (1979) circle. Completing markets by pricing knowledge allows us to compare the private … value of innovations with the social one. This comparison sheds a new light on the consequences of non-rivalry of knowledge …

-desirable scale effects property and assumptions regarding the intensity of knowledge diffusion. In that respect, we extend a standard … Schumpeterian growth model by introducing explicitly knowledge diffusion over a Salop (1979) circle: a continuum of sectors … simultaneously sending and receiving knowledge is located over the circle. The link between knowledge diffusion and scale effects …

When a principal’s monitoring information is private (non-verifiable), the agent should be concerned that the principal … could misrepresent the information to reduce the agent’s wage or collect a monetary penalty. Restoring credibility may lead … when the private information arrives in time to rescale the agent’s effort. Rescaling is more effective than pure monetary …

by prior knowledge in a manner consistent with information effects rather than priming. Support for salary increases is …To study whether current spending levels and public knowledge of them contribute to transatlantic differences in policy … education spending and teacher salaries falls when respondents receive information about existing levels. Treatment effects vary …

optimal level. This interplay between learning and surplus extraction is crucial to the market outcome and its dynamics …

information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to … complements. We find that the strategic substitutability in information acquisition result obtained in Grossman and Stiglitz (1980 …We study a general static noisy rational expectations model, where investors have private information about asset …