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We analyze how public disclosure of informed investors' trades results in manipulation, which in turn affects coordination and competition in a duopolistic setting. We show that disclosure always increases market efficiency but its effect on informed investors' profit is ambiguous. When informed...
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the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …
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paradigmatic instance of observational learning. There are three players, arranged in sequence, each of whom wins a fixed price if … learning ; error cascades …
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The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results …
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