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Duffie, Darrell,
Gaston Giroux, and
Gustavo Manso. 2010. "Information Percolation."
,
2(1): 100-111.
Show Article Details
DOI: 10.1257/mic.2.1.100
Abstract:We study the "percolation" of information of common interest
through a large market as agents encounter and reveal information
to each other over time. We provide an explicit solution for the
dynamics of the cross-sectional distribution of posterior beliefs. We
also show that convergence of the cross-sectional distribution of
beliefs to a common posterior is exponential and that the rate of
convergence does not depend on the size of the groups of agents that
meet. The rate of convergence is merely the mean rate at which an
individual agent is matched. (JEL D83)
Authors:
Duffie, Darrell (Stanford U)
Giroux, Gaston (?)
Manso, Gustavo (MIT)
JEL Classifications:
D83: Search; Learning; Information and Knowledge; Communication; Belief
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