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When more information reduces the speed of learning

Harel, Matan and Mossel, Elchanan and Strack, Philipp and Tamuz, Omer (2014) When more information reduces the speed of learning. . (Submitted)

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We consider two Bayesian agents who learn from exogenously provided private signals, as well as the actions of the other. Our main finding is that increased interaction between the agents can lower the speed of learning: when both agents observe each other, learning is significantly slower than it is when one only observes the other. This slowdown is driven by a process in which a consensus on the wrong action causes the agents to discount new contrary evidence.

Item Type:Report or Paper (Discussion Paper)
Related URLs:
URLURL TypeDescription Paper
Tamuz, Omer0000-0002-0111-0418
Additional Information:The authors would like to thank Amir Dembo for insightful discussions of the large deviation problems arising in this model. We likewise would like to thank Deniz Dizdar, Motty Perry for helpful discussions. A large part of this research was conducted at Microsoft Research New England. E.M. acknowledges the support of NSF grants DMS 1106999 and CCF 1320105, ONR grant number N00014-14-1-0823 and grant 328025 from the Simons Foundation.
Funding AgencyGrant Number
NSFDMS 1106999
NSFCCF 1320105
Office of Naval Research (ONR)N00014-14-1-0823
Simons Foundation328025
Classification Code:JEL classifications: C73, D82, D83
Record Number:CaltechAUTHORS:20161111-135545798
Persistent URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:71957
Deposited By: Tony Diaz
Deposited On:16 Nov 2016 00:42
Last Modified:03 Oct 2019 16:12

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