Information disclosure and asymmetric speed of learning in booms and busts

- We analyze how information disclosure affects learning speed in booms and busts.
- We give a formal condition on what type of information leads to asymmetric learning.
- Learning is faster in a bust when only the winning bids are disclosed.

We consider a model in which agents gradually learn about the aggregate market conditions  -  'boom' or 'bust'  -  from the information disclosed after a trading round. The disclosure rules can generate asymmetric learning and affect the degree of asymmetry. In particular, when only winning bids are publicly disclosed, learning is more rapid in a bust.