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We study a social learning model with payoff externalities in which one of two state-dependent games is chosen at random and then played repeatedly by a different group of agents. Each "generation" observes the history of actions and receives conditionally independent private signals about the...
Persistent link: https://www.econbiz.de/10014139369
This paper provides a model of social learning where the order in which actions are taken is determined by an m-dimensional integer lattice rather than along a line as in the herding model. The observation structure is determined by a random network. Every agent links to each of his preceding...
Persistent link: https://www.econbiz.de/10013002859
We study a model of opinion exchange in social networks where a state of the world is realized and every agent receives a zero-mean noisy signal of the realized state. It is known from Golub and Jackson that under DeGroot \cite{degroot1974reaching} dynamics agents reach a consensus that is close...
Persistent link: https://www.econbiz.de/10013237188
We analyze boundedly rational updating from aggregate statistics in a modelwith binary actions and binary states. Agents each take an irreversible action in sequence after observing the unordered set of previous actions. Each agent first forms her prior based on the aggregate statistic, then...
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We analyze boundedly rational updating in a repeated interaction network model with binary actions and binary states. Agents form beliefs according to discretized DeGroot updating and apply a decision rule that assigns a (mixed) action to each belief. We first show that under weak assumptions...
Persistent link: https://www.econbiz.de/10012850090
We study a canonical setting of learning in networks where initially agents receive conditionally i.i.d. signals about a binary state. The distribution according to which signals are drawn is called an information structure. Agents repeatedly communicate beliefs with their neighbors and update...
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