1. The intuition for iii), which is more surprising, can be shed in terms of externalities. In information acquisition equilibria, workers that educate can incur a negative externality on the workers below them on the confidence scale, because those workers would prefer the former group to choose a credential contract (and hence signal rather than acquire information) for them to free-ride on;illustrates that if information acquisition is an important function of education, then private information does not have the dramatic effect on welfare it has e.g., in the Spence (1973) model
2. Employer Learning and Statistical Discrimination;J G Altonji;Quarterly Journal of Economics,2001
3. Herding over the Career;C Avery;Economics Letters,1999
4. Self-Confidence and Social Interactions