The social value of information and the competition
2019-2-18u2002·u2002The payoffs of Keynes' beauty contest, as modeled by Morris and Shin (), involve three motives (Cornand and Heinemann 2008): a fundamental motive, making agents strive to predict and fit some exogenous fundamental value, a coordination motive, giving them an incentive to match the conventional value to be set by the market, and a competition motive, making them better off when …
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