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 …

by the strength of a private learning channel from prices, arising from the multidimensional sources of asymmetric … information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to …

When an agent receives information from a source whose accuracy might be either high or low, standard theory dictates … uncertain sources. A theory of belief updating where agents are insensitive and averse to uncertainty in information accuracy …

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

, improvements in decision quality cease. A literature on word-of-mouth learning shows how observation of outcomes as well as actions … the cascades/herding literature. In a setting which adds 'conversational' learning about both the payoff outcomes of …