Learning about common and private values in oligopoly
研究双头垄断企业在面临需求和成本冲击时，如何通过共同观察、私人观察和价格信号学习，并区分信息类型（公共/私人）和学习对象（共同/私人价值）对均衡结果的影响。
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.