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SUMMARY:Kailin Chen (BGSE) 21.12.2022
DTSTART;TZID=Europe/Berlin:20221221T163000
DTEND;TZID=Europe/Berlin:20221221T174500
DTSTAMP:20260504T185159Z
UID:dbaf71af4c4444b8a2cebdd9857d30c3@www.econ.uni-bonn.de
CREATED:20221125T150943Z
DESCRIPTION:This paper studies learning from multiple informed agents wher
 e each agent has a small piece of information about the unknown state of t
 he world in the form of a noisy signal and sends a message to the principa
 l\, who then makes a decision that is not constrained by predetermined rul
 es. In contrast to the existing literature\, I model the conflict of inter
 est between the principal and the agents more generally and consider the c
 ase where the preferences of the principal and the agents are misaligned i
 n some realized states. I show that if the conflict of interest between th
 e principal and the agents is moderate\, there is a discontinuity: when th
 e number of agents is large enough\, adding even a tiny probability of mis
 aligned states leads to complete unraveling in which the agents ignore the
 ir signals\, in contrast to the almost complete revealing that is predicte
 d by the existing literature. [...]
LAST-MODIFIED:20221220T162945Z
URL:https://www.econ.uni-bonn.de/micro/en/seminars/micro-theory-seminar/pa
 trick-lahr-bgse-07-12.2022
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