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1、JournalofEconomicTheory145(2010)15741601www.elsevier.com/locate/jetTherelativecontributionsofprivateinformationsharingandpublicinformationreleasestoinformationaggregationDarrellDuffiea,∗,1,SemyonMalamudb,2,GustavoMansocaGraduateSchoolofBusiness,StanfordUniversity,UnitedStat
2、esbSwissFinanceInstituteatEPFLausanne,SwitzerlandcSloanSchoolofBusiness,MIT,UnitedStatesReceived25March2009;finalversionreceived21July2009;accepted29October2009Availableonline18November2009AbstractWecalculatelearningrateswhenagentsareinformedthroughpublicandprivateobservati
3、onofotheragentsactions.Wecharacterizetheevolutionofthedistributionofposteriorbeliefs.Iftheprivatelearningchannelispresent,convergenceofthedistributionofbeliefstotheperfect-informationlimitisexponentialatarateequaltothesumofthemeanarrivalrateofpublicinformationandthemeanrat
4、eatwhichindividualagentsarerandomlymatchedwithotheragents.If,however,thereisnoprivateinformationsharing,thenconvergenceisexponentialataratestrictlylowerthanthemeanarrivalrateofpublicinformation.©2009ElsevierInc.Allrightsreserved.JELclassification:D83;D82Keywords:Information
5、percolation;Search;Learningrates*Correspondingauthor.E-mailaddresses:duffie@stanford.edu(D.Duffie),semyon.malamud@epfl.ch(S.Malamud),manso@mit.edu(G.Manso).1DuffieisanNBERResearchAssociate.2MalamudgratefullyacknowledgesfinancialsupportbytheNationalCentreofCompetenceinResearchFi
6、nancialValuationandRiskManagement(NCCRFINRISK).0022-0531/$seefrontmatter©2009ElsevierInc.Allrightsreserved.doi:10.1016/j.jet.2009.10.017D.Duffieetal./JournalofEconomicTheory145(2010)1574–160115751.IntroductionThispapercalculatesasymptoticlearningrateswhenagentsareinformedth
7、roughbothpublicandprivateobservationofotheragentsactions.Weprovideanexplicitsolutionforthedynamicsofthedistributionofposteriorbeliefsforsettingsinwhichalargenumberofasymmetricallyinformedagentsarerandomlymatchedintogroupsovertime,exchangingtheirinformationwitheachotherwhen
8、matched,andinwhichtheinformationofrandomlyselectedagentsisalsopubliclyrevealedovertime.We
