Two-dimensional information acquisition in social learning

• 成果类型: Article
• 署名作者: Bobkova, Nina; Mass, Helene
• 署名单位: Rice University; University of Bonn
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2022.105451
• 发表日期: 2022
• 关键词: information acquisition; social learning; information aggregation

摘要

We analyze a social learning model where the agents' utility depends on a common component and an idiosyncratic component. Each agent splits a learning budget between the two components. We show that information about the common component is fully aggregated if and only if agents do not have to sacrifice learning about their idiosyncratic component in order to learn marginally about the common component. If agents vary in how much they value their idiosyncratic component, then the order of agents can strictly impact how much information is aggregated.(c) 2022 Elsevier Inc. All rights reserved.