Herding differently : A level-k model of social learning

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URL:	https://ub-madoc.bib.uni-mannheim.de/32667
URN:	urn:nbn:de:bsz:180-madoc-326677
Dokumenttyp:	Arbeitspapier
Erscheinungsjahr:	2013
Titel einer Zeitschrift oder einer Reihe:	Working Paper Series
Band/Volume:	13-01
Ort der Veröffentlichung:	Mannheim
Sprache der Veröffentlichung:	Englisch
Einrichtung:	Fakultät für Rechtswissenschaft und Volkswirtschaftslehre > VWL, Verhaltensökonomik (Juniorprofessur) (Pencynski 2011-2017)
MADOC-Schriftenreihe:	Department of Economics > Working Paper Series
Fachgebiet:	330 Wirtschaft
Fachklassifikation:	JEL: C91 , D82 , D83 , D84,
Freie Schlagwörter (Englisch):	Social learning , levels of reasoning
Abstract:	This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority (level-2), to a differentiated view on predecessors (level-3), etc. I 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 reasoning from incentivized intra-team communication.