Frick, Mira; Iijima, Ryota; Ishii, Yuhta - In: Econometrica 88 (2020) 6, pp. 2281-2328
We exhibit a natural environment, social learning among heterogeneous agents, where even slight misperceptions can have a large negative impact on longārun learning outcomes. We consider a population of agents who obtain information about the state of the world both from initial private...