Social learning with differentiated products
研究了消费者从朋友处学习产品信息时，社交网络结构（如朋友分布、同质性、聚类）如何影响企业定价和社会福利，并探讨了消费者认知和需求价格敏感度作为市场信息效率指标的条件。
Abstract Learning from friends is a key process by which consumers acquire information about available products. This article embeds social learning in a model of firms producing differentiated products. I consider how the structure of social relationships between consumers influences pricing and welfare. In particular, how a variety of characteristics of social networks ‐ distribution of friendships, homophily, clustering, and correlations between an individual's preferences and number of friends ‐ influence these outcomes. I also find conditions under which consumer awareness and the sensitivity of demand to prices are useful measures of the informational efficiency of markets.