We propose a criterion of stability for two-sided markets with asymmetric information. A central idea is to formulate matching functions, off-path beliefs conditional on counterfactual pairwise deviations, and on-path beliefs in the absence of such deviations. A matching-belief configuration is...

We study a model of social learning and communication using hard anecdotal evidence. There are two Bayesian agents (a sender and a receiver) who wish to communicate. The receiver must take an action whose payoff depends on their personal preferences and an unknown state of the world. The sender...