Learning from Others? Decision Rights, Strategic Communication, and Reputational Concerns
研究了当代理人的经验是私人信息且需要沟通来学习时，集中决策与分散决策的优劣。发现分散决策下沟通意愿取决于市场观察范围，且更少沟通可能提高福利；若市场是全球性的，集中决策优于分散决策。
We examine centralized versus decentralized decision making when experience of agents is private information and communication is necessary to learn from others. An agent has reputational concerns and his market may or may not observe what the other agent chooses (global versus local markets). With decentralized decision making, agents' willingness to communicate depends heavily on what a market observes. Strikingly, less communication may improve welfare. If markets are global, centralization outperforms decentralization as it makes communication possible, and communication is informative for any finite degree of conflict among agents and with the center.