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Learning and Peer Effects

Fei Shi

Research Paper Series

Thurgau Institute of Economics and Department of Economics at the University of Konstanz

No. 30 june 2008

Endogenous Timing with Demand Uncertainty

Konstanzer Online-Publikations-System (KOPS) URL: http://www.ub.uni-konstanz.de/kops/volltexte/2008/5988/

URN: http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-59885

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F # [ # U F $ % % [% _[ k 9 # # ? `

# F D / # 56 '+ '$ # $ # '+ 0 7

1 F

^ F # / 9 6 71 D ; '9 + > # > F U

# 9 # + 6 F 6 'H' ' $ 1 # U D # # # H $ H

b %

D 9 '' # H # # #H $ H D [ \ o F $ F U

(24)

35 5 38 5 9 3/ # 33 3/ < * / 8 & 8 5 9 / 3/2

! # ! & 3F #

! $ (

! $ ( H. .I

3/ 3 # /3 8 #3 8 2 8 2 3 / O

$ $ ! ( 2 H. 3I

3 ! * 8 6 7 8 9$ ; 5 9 / & , 6 / 3 #3O O 3 , . / #

8 > >

5 U < 3 O 3 < 3 38 3 2 ( # /

$ ! ( >

$ ! ( A H. I

B # # / * ! & / D 9E ! 8 ( 6 7 8 9$ ; Z [ 8 # ]

8 , , 5

Z 8 / * ! & / < 3 /3, / ! #3 3 /# ! 3 3/

Z [ 8 > >

5 H / / < 3 E 9E (5 _ / / < 3 H.. I H. 3 I ( O 2

> 8 L

5 9 / ( & , / O 3 # 3O O 3 D 5

9 ! & O 9O ( 3/ Z [ 3 2 ( # / (* H. I ( O & , / O 3 # 3O

O 3 ! #3 D 5 9 ! & / O 9E ! 6 7 8 9$ ; Z [ 3 2 ( # /

< 33 & , / 3 # 3O O 3 D 2 /3 # L ( * H. I5

d 3 * 2< O ! O D 9D ! 3/ Z [ 8 > > 5

9 3/ 3/ 3, , 3 8 , HY eI 3 ! 8 8 9 , e2 < 3# 3, ! 3/ O 33

, . / # ! * / F 38 >

5

Z Z g Z h i Z ^

j 2 U5]` 52 ` ! /2 b 5 c 52 ek df 5 l 3 3 , / l ( [ 3 3( 3 5 9 *

8 [ # , 3#/ en Y 2 ef k YY Y 5

o , 3 2 5 o 52 l /. *2 l 5 c 52 e kk n 5 [ / 9 3, 3 3 b ! * , /j l #. (

j [ 3 3( 3 5 , / [ # , 3# p O 3 Y 2 Y k 3 l 5

o . 2 52 Yn n Y 5 9 e 5 c O _ O 5 _ Z b 8 [ # , 3#/ . . 2 e l ef n 5

(25)

!. 4 . & +! 8 !: . ;+ . =

? . & :. @ B . : . F & 8 : ' - ) + I !:. B ' ++ ! +

. ! B . & !. 4 ? " . B " O=R T

: : =T T ? . & :. & ! ' . W ) !Y + Z W !. 4 ? ". B "

= T

+ =T T ? . & : . ] ^ . ". : 4 I !B " . !. 4 ? " . B "

@ !- T = T =

W !B . . ` b@ ? . & : . @ B . : ) + . " B ' + . 4 !B + . . & ) + 8 b

! - B . & ? ". B " i ! T T =

" "b& bZ B & B Y - @ ? l "+ 4 @ B b+ b & . ] +!+: " . b

+B . + . & ! . "!+ . +- Z W !. 4 ? ". B " = =

= TT ? . & : . +B . : . B F & : ' - ? " . B " ++! = = = =

] . ! = T !. + ' - ) + @ ) ! & "+. ! & !. 4 ? " . B "

@ !- = =

. B B ? ` !Y. ] =T T T ? . & : . ] + "Y !: & ! ' B . & ? " b

. B " i ! = = T

. B B ? ` !Y . ] ? . & : . !" & ! ' B . & ? " . B "

i !

(26)

Learning and Peer Effects

Gerald Eisenkopf

Research Paper Series

Thurgau Institute of Economics

No. 21 september 2007

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