Anderlini, Luca; Gerardi, Dino; Lagunoff, Roger - Collegio Carlo Alberto, Università degli Studi di Torino - 2008
perfectly aligned "full learning" equilibria - ones in which the individuals' posterior beliefs eventually place full weight on … the true state - do not exist. This is so both in the case of private communication, in which each individual only hears … the message of his immediate predecessor, and in the case of public communication, in which a decision maker hears the …