informed to uninformed firms, moderates asymmetric incentives in information acquisition and renders the aggregate learning … outcome approximately acyclical. Our results challenge the prevailing view of procyclical learning as the source of asymmetric … business cycles. -- information choice ; rational expectations ; asymmetric information ; Bayesian learning ; strategic …

-maker. We derive the researcher's equilibrium learning strategy by solving an auxiliary single-player problem. The attribute … excessive response to new information, she forgoes learning altogether. In an organizational context, we show that a manager …

subsidy to labour and a simultaneous tax on entrepreneurs to curb excessive entry, with learning a subsidy-only policy can be …-increasing faster learning. …

We analyze a dynamic principal-agent problem with moral hazard and private learning. Each period the agent faces a …

We analyze a game theoretic model of social learning about a consumption good with endogenous timing and heterogeneous …

We develop a model of social learning from complementary information: Short-lived agents sequentially choose from a … cases: (1) efficient information aggregation, where the community eventually learns as fast as possible; (2) "learning traps …

has been in a boom and firms share an optimistic belief. The cyclicality of the aggregate learning outcome is moderated by … learning from equilibrium prices acts to stabilize fluctuations by discouraging information acquisition, it can be welfare …

has been in a boom and firms share an optimistic belief. The cyclicality of the aggregate learning outcome is moderated by … learning from equilibrium prices acts to stabilize fluctuations by discouraging information acquisition, it can be welfare …