Two-dimensional information acquisition in social learning

Nina Bobkova and Helene Mass

Journal of Economic Theory, 2022, vol. 202, issue C

Abstract: 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.

Keywords: Information acquisition; Social learning; Information aggregation (search for similar items in EconPapers)
JEL-codes: D82 D83 (search for similar items in EconPapers)
Date: 2022
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Working Paper: Two-Dimensional Information Acquisition in Social Learning (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:202:y:2022:i:c:s0022053122000412

DOI: 10.1016/j.jet.2022.105451

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