INFORMATIONAL CASCADES ELICIT PRIVATE INFORMATION*
研究动态投资模型中廉价谈话的可信度问题，发现信息级联能促使发送者真实披露私人信息，并探讨补贴和税收对福利的影响。
We introduce cheap talk in a dynamic investment model with information externalities. We first show how social learning adversely affects the credibility of cheap talk messages. Next, we show how an informational cascade makes truth‐telling incentive compatible. A separating equilibrium only exists for high‐surplus projects. Both an investment subsidy and an investment tax can increase welfare. The more precise the sender's information, the higher her incentives to truthfully reveal her private information.