We explore a simple twist of the canonical binary-state observational learning model wherein signal precision is common to all players but is unknown. We characterize the condition when an information cascade occurs and show that it is less likely to occur in our model compared with Bikhchandani...

Developing a considered response to a question typically takes a long time, which may tempt a questionee to provide an ill-considered response. This possibility can make the questioner suspect that a prompt response is ill-considered, even if it is actually the result of deliberation. If the...

We consider common-value voting when a variable that is independent of the payoff-relevant state determines the meaning and precision of voters' private signals about the payoff-relevant state. Multiple senders sharing the same objective as the voters receive noisy signals that are contingent on...

This study examines the effect of the principal’s control over the agent’s behavior in a dynamic principal-agent model with hidden information. We show the condition that the agent who has a similar preference for actions as the principal dares to choose the unpreferred action when the...