The theory of rational social learning studies how individual decision makers are influenced by the actions taken by others when information is dispersed. We present and discuss some models of Bayesian social learning which recently appeared in the economics literature. We focus on the problems of information acquisition, stationarity of the environment and endogenous pricing, and we propose some applications.
Economic models of social learning
OTTAVIANI, MARCO M.
1997
Abstract
The theory of rational social learning studies how individual decision makers are influenced by the actions taken by others when information is dispersed. We present and discuss some models of Bayesian social learning which recently appeared in the economics literature. We focus on the problems of information acquisition, stationarity of the environment and endogenous pricing, and we propose some applications.
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