We analyze a game theoretic model of social learning about a consumption good with endogenous timing and heterogeneous accuracy of private information. We show that if individuals value their reputation for the degree to which they are informed, this reduces the incentive to learn by observing...

Three concepts from psychology -- cognitive dissonance, motivated reasoning, and confirmation bias -- are perhaps surprisingly closely related, and have been used productively in a variety of fields in economics, more so over time. These concepts are relevant to the field of industrial...