We conducted an experiment to describe how social learners use information about the relation between payoffs and behavior. Players chose between two technologies repeatedly. Payoffs were random, but one technology was better because its expected payoff was higher. Players were divided into two...

We conducted an experiment to describe precisely how social learners use information about the distribution of behaviors in a relevant social group. Players chose between two technologies repeatedly. Payoffs were random, but one technology was better in the sense that its expected payoff was...

Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be "wasteful" in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This...