This is a nice essay. I think it could benefit from including a bit more literature, though. I remember seeing a keynote lecture during the wcere in Istanbul some years ago that included social learning models with quite similar results, probably by E. Somanathan. You may also want to check https://www.nber.org/papers/w23110
This is a nice essay. I think it could benefit from including a bit more literature, though. I remember seeing a keynote lecture during the wcere in Istanbul some years ago that included social learning models with quite similar results, probably by E. Somanathan. You may also want to check https://www.nber.org/papers/w23110