Herding differently : A level-k model of social learning


Penczynski, Stefan P.


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URL: https://ub-madoc.bib.uni-mannheim.de/32667
URN: urn:nbn:de:bsz:180-madoc-326677
Document Type: Working paper
Year of publication: 2013
The title of a journal, publication series: Working Paper Series
Volume: 13-01
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > VWL, Verhaltensökonomik (Juniorprofessur) (Penczynski 2011-)
MADOC publication series: Department of Economics > Working Paper Series
Subject: 330 Economics
Classification: JEL: C91 , D82 , D83 , D84,
Keywords (English): 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.

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Penczynski, Stefan P. (2013) Herding differently : A level-k model of social learning. Open Access Working Paper Series Mannheim 13-01 [Working paper]
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