This paper investigates a non-Bayesian social learning model, in which each individual updates her beliefs based on private signals as well as her neighbors＇ beliefs. The private signM is involved in the updating pro...This paper investigates a non-Bayesian social learning model, in which each individual updates her beliefs based on private signals as well as her neighbors＇ beliefs. The private signM is involved in the updating process through Bayes＇ rule, and the neighbors＇ beliefs are embodied in through a weighted average form, where the weights are time-varying. The authors prove that agents eventually have correct forecasts for upcoming signals, and all the beliefs of agents reach a consensus. In addition, if there exists no state that is observationally equivalent to the true state from the point of view of all agents, the authors show that the consensus belief of the whole group eventually reflects the true state.展开更多
基金supported by the National Natural Science Foundation of China under Grant Nos.61074125 and 61104137the Science Fund for Creative Research Groups of the National Natural Science Foundation of China under Grant No.61221003the National Key Basic Research Program (973 Program) of China under Grant No.2010CB731403
文摘This paper investigates a non-Bayesian social learning model, in which each individual updates her beliefs based on private signals as well as her neighbors＇ beliefs. The private signM is involved in the updating process through Bayes＇ rule, and the neighbors＇ beliefs are embodied in through a weighted average form, where the weights are time-varying. The authors prove that agents eventually have correct forecasts for upcoming signals, and all the beliefs of agents reach a consensus. In addition, if there exists no state that is observationally equivalent to the true state from the point of view of all agents, the authors show that the consensus belief of the whole group eventually reflects the true state.
