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We calculate equilibria of dynamic double-auction markets in which agents aredistinguished by their preferences and information. Over time, agents are privatelyinformed by bids and offers. Investors are segmented into groups that differ withrespect to characteristics determining information...
Persistent link: https://www.econbiz.de/10009522183
We calculate learning rates when agents are informed through both public andprivate observation of other agents’ actions. We provide an explicit solution forthe evolution of the distribution of posterior beliefs. When the private learningchannel is present, we show that convergence of the...
Persistent link: https://www.econbiz.de/10005868697
We solve for the equilibrium dynamics of information sharing in a large pop-ulation. Each agent is endowed with signals regarding the likely outcome of arandom variable of common concern. Individuals choose the effort with whichthey search for others from whom they can gather additional...
Persistent link: https://www.econbiz.de/10005868788