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We study a sequential experimentation model with endogenous feedback. Agents
choose between a safe and risky action, the latter generating stochastic rewards. When
making this choice, each agent is selfishly motivated (myopic). However, agents can disclose
their experiences to a public record, and when doing so are pro-socially motivated
(forward-looking). Disclosure is both polarized (only extreme signals are disclosed) and
positively biased (no feedback is bad news). The extent of disclosure is non-monotone in
prior uncertainty. Subsidizing disclosure costs can paradoxically lead to less disclosure,
but more experimentation.
