We designed four observational learning experiments to identify the key channels that, along with Bayes … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in …

This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one … present evidence from three sources that these are the prevalent types of reasoning in social learning: a review of social … learning studies, existing data from Celen and Kariv (2004) as well as new experimental data that includes written accounts of …

We report two information cascade game experiments that directly test the impact of altruism on observational learning … substantial public information which increases the earnings of participants. In Experiment 2, participants have better … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning. …

ability to that of character skills, and find that both cognition and personality affect behavior and learning. More agreeable … of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment … understand better how subjects with different cognitive abilities learn differently, we estimate a structural model of learning …

This paper develops a theory in which heterogeneity in political preferences produces a partisan disagreement about … objective facts. A political decision involving both idiosyncratic preferences and scientific knowledge is considered. Voters … voters' intrinsic preferences or because of rigidities in the political process. The theory predicts that providing mixed …

heuristic, gambler’s fallacy and hot hand fallacy—on the mechanisms of stock market decision making and, in particular, the … decision-making technique will most likely accept other techniques as well. Furthermore, we determine that the correlation … on simplifying decision-making techniques in general or to reject all of them. Alternatively, this finding may suggest …

We study social learning in a social network setting where agents receive independent noisy signals about the truth …

-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …