Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Rational Groupthink   We study how long-lived rational agents learn from repeatedly observing a
private signal and each others' actions. With normal signals, a group of any
size learns more slowly than just four agents who directly observe each others'
private signals in each period. Similar results apply to general signal
structures. We identify rational groupthink---in which agents ignore their
private signals and choose the same action for long periods of time---as the
cause of this failure of information aggregation.

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The categories of this paper are: bayes-an
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The categories of this paper are: nucl-ex
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The categories of this paper are: adap-org
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The categories of this paper are: solv-int
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The categories of this paper are: quant-ph
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The categories of this paper are: q-alg
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The categories of this paper are: chem-ph
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The categories of this paper are: cmp-lg
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The categories of this paper are: cond-mat
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The categories of this paper are: hep-th
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The categories of this paper are: nlin
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The categories of this paper are: hep-ex
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The categories of this paper are: chao-dyn
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The categories of this paper are: patt-sol
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The categories of this paper are: eess
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The categories of this paper are: math-ph