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Rules of Thumb for Social Learning

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  • G. Ellison
  • D. Fudenberg

Abstract

This paper studies agents who consider the experiences of their neighbors in deciding which of two technologies to use. We analyze two learning environments, one in which the same technology is optimal for all players and another in which each technology is better for some of them. In both environments, players use exogenously specified rules of thumb that ignore historical data but may incorporate a tendency to use the more popular technology. In some cases these naive rules can lead to fairly efficient decisions in the long run, but adjustment can be slow when a superior technology is first introduced.

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File URL: http://www.dklevine.com/archive/refs4435.pdf
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Bibliographic Info

Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 435.

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Date of creation: 09 Dec 2010
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Handle: RePEc:cla:levarc:435

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Web page: http://www.dklevine.com/

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  1. M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
  2. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
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