Showing 1 - 10 of 133
Observational learning is typically examined when agents have precise information about their position in the sequence of play. We present a model in which agents are uncertain about their positions. Agents sample the decisions of past individuals and receive a private signal about the state of...
Persistent link: https://www.econbiz.de/10011076668
This paper develops a model of repeated interaction in social networks among agents with differing degrees of sophistication. The focus of the model is observational learning; that is, each agent receives initial private information and makes inferences regarding the private information of...
Persistent link: https://www.econbiz.de/10011076679
We consider an overlapping generations model where continuous cultural traits are transmitted from an adult generation to the children. A weighted social network describes how children are influenced not only by their parents but also by other role models within the society. Parents can invest...
Persistent link: https://www.econbiz.de/10011076681
Individuals learn by chit-chatting with others as a by-product of their online and offline activities. Social plugins are an example in the online context: they embed information from a friend, acquaintance or even a stranger on a web page and the information is usually independent of the...
Persistent link: https://www.econbiz.de/10010930792
We study a model of multi-player communication. Privately informed decision makers have different preferences about the actions they take, and communicate to influence each othersʼ actions in their favor. We prove that the equilibrium capability of any player to send a truthful message to a set...
Persistent link: https://www.econbiz.de/10011043053
We study asset pricing in economies with large information networks. We focus on networks that are sparse and have power law degree distributions, in line with empirical studies of large scale social networks. Our theoretical framework yields a rich set of novel asset pricing implications. We...
Persistent link: https://www.econbiz.de/10010572396
The value of information is examined in a single-agent environment with unawareness. Although the agent has a correct prior about events he is aware of and has a clear understanding of his available actions and payoffs, his unawareness may lead him to commit information processing errors and to...
Persistent link: https://www.econbiz.de/10011263576
A player of privately known strength chooses when to enter a market, and an incumbent chooses whether to compete or concede. Information about the potential entrant's type is revealed publicly according to an exogenous news process and the timing of entry. I analyze stationary equilibria using...
Persistent link: https://www.econbiz.de/10011263574
This paper considers general games in which multiple informed principals simultaneously compete to influence the decisions of a common agent. It shows that we can characterize all outcomes of any game in which principals delegate the final decisions to the agent using arbitrary mechanisms, by...
Persistent link: https://www.econbiz.de/10011263583
We consider a sequential decision problem where the decision maker is informed of the actual payoff with delay. We introduce a new condition, which generalizes the condition given by Blackwell and ensures that the decision maker can approach a fixed closed and convex set under delay. We show how...
Persistent link: https://www.econbiz.de/10011263587