We introduce a generalized theoretical approach to study imitation models and subject the models to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules. It is more important whom one imitates rather than how. In a laboratory experiment we test the different theories by systematically varying information conditions. We find that the generalized imitation model predicts the differences between treatments well. The data also provide support for imitation on the individual level, both in terms of choice and in terms of perception. But imitation is not unconditional. Rather individuals' propensity to imitate more successful actions is increasing in payoff differences.
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Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number
bgse20_2003.
Length: 44 Date of creation: Sep 2003 Date of revision:
Aug 2004 Handle: RePEc:bon:bonedp:bgse20_2003
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Jose Apestgeguia & Steffen Huck & Jörg Oechssler, 2005.
"Imitation - Theory and Experimental Evidence,"
Discussion Papers
54, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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Find related papers by JEL classification: C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
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Alessandro Lizzeri & Marciano Siniscalchi, 2006.
"Parental Guidance and Supervised Learning,"
Discussion Papers
1432, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Peter Dürsch & Albert Kolb & Jörg Oechssler & Burkhard C. Schipper, 2005.
"Rage Against the Machines: How Subjects Learn to Play Against Computers,"
Discussion Papers
63, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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