Information disclosure and asymmetric speed of learning in booms and busts

We consider a model in which agents gradually learn about the aggregate market conditions — ‘boom’ or ‘bust’ — from the information disclosed after a trading round. The disclosure rules can generate asymmetric learning and affect the degree of asymmetry. In particular, when only winning bids are publicly disclosed, learning is more rapid in a bust. •We analyze how information disclosure affects learning speed in booms and busts.•We give a formal condition on what type of information leads to asymmetric learning.•Learning is faster in a bust when only the winning bids are disclosed.