Working Paper No. 972 September 30, 2020

In the Long Run We Are All Herd

On the Nature and Outcomes of the Beauty Contest

by Giuseppe Mastromatteo, and Lorenzo Esposito

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Blithewood
Bard College
Annandale-on-Hudson, NY 12504-5000
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The Levy Economics Institute of Bard College, founded in 1986 through the generous support of Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization. The Levy Institute is independent of any political or other affiliation, and encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate.