This paper studies the incentives of short-lived agents to acquire costly private information in the presence of public signals arising from market interaction. It characterizes the social learning process, that is the revelation of information by public signals, and the information...

If firms and workers are free to move within a country, they will choose to locate in areas where local attributes enhance their productivity. In equilibrium, however, differences in local productivity should be offset by higher local prices. In this paper, I estimates both local sectoral cost...