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This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...
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information is fully released) is also available. Our experiment is based on subsequent framework of Morris and Shin (2002 … in this paper. Our experiment indicates that - when fully disclosed - players overreact to public information and this … that the destabilizing effect of public information is less pronounced experimentally than when it does in theory. This is …
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