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American Economic Journal: Microeconomics: Vol. 4 No. 3 (August 2012)
AEJ: Micro Volume. 4, Issue 3 | 
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AEJ: Micro Forthcoming Articles
Public Disagreement
Article Citation
Sethi, Rajiv, and
Muhamet Yildiz. 2012. "Public Disagreement."
American Economic Journal: Microeconomics,
4(3): 57-95.
DOI: 10.1257/mic.4.3.57
DOI: 10.1257/mic.4.3.57
Abstract
We develop a model of deliberation under heterogeneous beliefs and incomplete information, and use it to explore questions concerning the aggregation of distributed information and the consequences of social integration. We show that when priors are correlated, all private information is eventually aggregated and public beliefs are identical to those arising under observable priors. When priors are
independently distributed, however, some private information is never revealed, and communication breaks down entirely in large groups. Interpreting integration in terms of the observability of priors, we show how increases in social integration lead to less divergent public beliefs on average. (JEL D82, D83, Z13)
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Authors
Sethi, Rajiv (Columbia U and Santa Fe Institute)
Yildiz, Muhamet (MIT)
Yildiz, Muhamet (MIT)
JEL Classifications
D82: Asymmetric and Private Information
D83: Search; Learning; Information and Knowledge; Communication; Belief
Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification
D83: Search; Learning; Information and Knowledge; Communication; Belief
Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification
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