论文标题
具有竞争力的观察学习
Observational Learning with Competitive Prices
论文作者
论文摘要
人们最终会通过可观察的信息来学习资产的价值吗？本文研究了具有竞争力的市场的观察学习。将市场与公共信号和一个与私人信号的市场进行比较，我们发现成对信息（PI）是具有公共信号的市场的充分和必要的学习条件；艾弗里（Avery）和泽姆斯基（Zemsky）条件（AZC）是具有私人信号的市场的足够且必要的学习条件。此外，当状态数为2或3时，PI和AZC等效。当状态的数量大于3时，PI和单调可能性比性能（MLRP）一起暗示了私人信号案例中的渐近学习。
Will people eventually learn the value of an asset through observable information? This paper studies observational learning in a market with competitive prices. Comparing a market with public signals and a market with private signals in a sequential trading model, we find that Pairwise Informativeness (PI) is the sufficient and necessary learning condition for a market with public signals; and Avery and Zemsky Condition (AZC) is the sufficient and necessary learning condition for a market with private signals. Moreover, when the number of states is 2 or 3, PI and AZC are equivalent. And when the number of states is greater than 3, PI and Monotonic Likelihood Ratio Property (MLRP) together imply asymptotic learning in the private signal case.
