Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment
Résumé
We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their beliefs about the value of a good after observing their predecessors’ statements and a private signal. We compare the behavior in the laboratory with the Perfect Bayesian Equilibrium prediction and the predictions of bounded rationality models of decision-making: the redundancy of information neglect model and the overconfidence model. The results of our experiment are in line with the predictions of the overconfidence model and at odds with the others’.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment
|
Résumé |
en
We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their beliefs about the value of a good after observing their predecessors’ statements and a private signal. We compare the behavior in the laboratory with the Perfect Bayesian Equilibrium prediction and the predictions of bounded rationality models of decision-making: the redundancy of information neglect model and the overconfidence model. The results of our experiment are in line with the predictions of the overconfidence model and at odds with the others’.
|
Auteur(s) |
Marco Angrisani
1
, Antonio Guarino
2
, Philippe Jehiel
3, 4, 2
, Toru Kitagawa
2
1
USC -
University of Southern California
( 301992 )
- Los Angeles, CA, 90089-0484, USA
- États-Unis
2
UCL -
University College of London [London]
( 300875 )
- Gower Street, London WC1E 6BT
- Royaume-Uni
3
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
4
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Public visé |
Scientifique
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2021-08-01
|
Volume |
13
|
Numéro |
3
|
Page/Identifiant |
163-197
|
Domaine(s) |
|
Mots-clés (JEL) |
|
DOI | 10.1257/mic.20180394 |
UT key WOS | 000677858600006 |
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