Abstract

In their article, McKelvey and Page note that In previous experimental work, ... [researchers] investigated how individuals use public information to augment their original private information, and whether in doing so, a rational expectations equilibrium is attained. ... [But either] the inference processes are complicated because of the enormous number of potential interactions among the individuals, and the optimal inference processes are not analyzed. ... [or] the inference process is analyzed but the working assumption is not altogether satisfactory