کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7359254 | 1478730 | 2018 | 17 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Herding with costly information
ترجمه فارسی عنوان
تخم مرغ با اطلاعات پر هزینه
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper incorporates costly information into a model of observational learning. Individuals would like to avoid the cost of buying information and free-ride on the public history. The paper characterizes when learning is nevertheless complete. Necessary and sufficient conditions for complete learning follow from an elementary principle: a player purchases information only if it can influence her action. With a “coarse” action space, learning is complete if and only if for every cost c>0, a positive measure of types can acquire, at cost less than c, an experiment that can overturn the public history. With a “rich” action space, learning is complete if and only if for every cost c>0, a positive measure of types can acquire any informative signal at cost weakly less than c. The results are applied to financial markets to evaluate when markets are informationally efficient despite information being costly.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 175, May 2018, Pages 713-729
Journal: Journal of Economic Theory - Volume 175, May 2018, Pages 713-729
نویسندگان
S. Nageeb Ali,