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Статья

Learning about common and private values in oligopoly

RAND Journal of Economics. 2015. No. 46. P. 66-85.
Taub B., Bernhardt D.

We characterize a duopoly buffeted by demand and cost shocks. Firms learn about shocks from common observation, private observation, and noisy price signals. Firms internalize how outputs affect a rival's signal, and hence output. We distinguish how the nature of information -public versus private-and of what firms learn about-common versus private values-affect equilibrium outcomes. Firm outputs weigh private information about private values by more than common values. Thus, prices contain more information about private-value shocks.