Social Learning with Costly Search

AMERICAN ECONOMIC JOURNAL-MICROECONOMICS, pp. 83-109, 2016.

Cited by: 0|Bibtex|Views0|DOI:https://doi.org/10.1257/mic.20130253

Abstract:

We study a sequential social learning model where agents privately acquire information by costly search. Search costs of agents are private, and are independently and identically distributed. We show that asymptotic learning occurs if and only if search costs are not bounded away from zero. We explicitly characterize equilibria for the ca...More

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