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We investigate experimentally whether social learners appreciate the redundancy of information conveyed by their observed predecessors' actions. Each participant observes a private signal and enters an estimate of the sum of all earlier-moving participants' signals plus her own. In a first...
Persistent link: https://www.econbiz.de/10011899219
We use a unique dataset from a Singaporean taxi fleet consisting of 6,663 drivers with 23 months of daily work routines to test if taxi drivers exhibit learning by doing (LBD). We find strong evidence of LBD. Next, we document the channels of learning: drivers learn the most through technology...
Persistent link: https://www.econbiz.de/10013002775
Do people know their own risk preferences, or do risk choices change with experience and observation? We provide a clean and straightforward test in the laboratory. People make an initial decision concerning a lottery choice and then experience 24 practice periods in which they roll the dice,...
Persistent link: https://www.econbiz.de/10013404466
We investigate experimentally whether social learners appreciate the redundancy of information conveyed by the behavior of those they observe. Each experimental participant observes a private signal and enters an estimate of the sum of all earlier-moving participants' signals plus her own. In a...
Persistent link: https://www.econbiz.de/10013010109
We consider bargaining in a bipartite network of buyers and sellers, who can only trade with the limited number of people with whom they are connected. Such networks could arise due to proximity issues or restricted communication flows, as with information transmission of job openings, business...
Persistent link: https://www.econbiz.de/10014142824
disproportionately influential early agents who can cause herding on incorrect actions. Going beyond existing social-learning results, we … compute the probability of such mislearning exactly. This allows us to compare likelihoods of incorrect herding, and hence …
Persistent link: https://www.econbiz.de/10012308406
Many facts are learned through the intermediation of individuals with special access to information, such as law enforcement officers, employees with a security clearance, or experts with specific knowledge. This paper considers whether societies can learn about such facts when information is...
Persistent link: https://www.econbiz.de/10011664148
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Persistent link: https://www.econbiz.de/10012796636
We analyze the social and private learning at the symmetric equilibria of a queueing game with strategic experimentation. An infinite sequence of agents arrive at a server which processes them at an unknown rate. The number of agents served at each date is either: a geometric random variable in...
Persistent link: https://www.econbiz.de/10012022777