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Persistent link: https://www.econbiz.de/10005408888
We consider a principal-agent problem where the principal wishes to be endorsed by a sequence of agents, but cannot truthfully reveal type. In the standard "herding" model, the agents learn from each other's decisions, which can lead to cascades on a given decision when later agents' private...
Persistent link: https://www.econbiz.de/10005413451