Information disclosure and asymmetric speed of learning in booms and busts

摘要

We consider a model in which agents gradually learn about the aggregate market conditions - 'boom' or 'bust' - from the information disclosed after a trading round. The disclosure rules can generate asymmetric learning and affect the degree of asymmetry. In particular, when only winning bids are publicly disclosed, learning is more rapid in a bust. (C) 2017 Elsevier B.V. All rights reserved.