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Learning From The Skills Of Others: Experimental Evidence

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Author Info
Thomas Gilbert
Shimon Kogan
Abstract

This paper reports an experimental test of how, when observing others' actions, participants learn more than just information that the others have. We use a setting where all information is public and where subjects face two kinds of information sets: (1) the information that is necessary and su±cient for them to payoff-maximize and (2) the decisions of previous players. We show that by observing the second type of information subjects learn how to improve their own decision-making process. Specifically, the accurate players make small errors no matter what information set they face whereas the inaccurate players perform much better when the decisions of others are public.

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File URL: http://littlehurt.gsia.cmu.edu/gsiadoc/WP/2006-E25.pdf
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Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 2006-E25.

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Date of creation: Nov 2005
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Handle: RePEc:cmu:gsiawp:-564547622

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Postal: Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890
Web page: http://www.tepper.cmu.edu/

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