The Weight of Personal Experience: an Experimental Measurement
AbstractWe present an experiment to address the question of whether a piece of information is more influential if it comes from experience, rather than from another source. We employ a novel experimental design which controls for the value of information and other potentially important confounding factors present in related studies. Overall, our results show that an event that is personally experienced has a stronger influence on subsequent behavior than an observed event with equally valuable information content. Importantly, in early rounds when information is more valuable from a rational viewpoint, this overweighting of personal experience is not statistically significant. JEL Classification Numbers: C90; C91; Keywords: Experiments; Learning; Observation; Reinforcement Learning; Belief-Based Learning
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Bibliographic InfoPaper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 452.
Date of creation: 2012
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Find related papers by JEL classification:
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-16 (All new papers)
- NEP-CBE-2012-09-16 (Cognitive & Behavioural Economics)
- NEP-EVO-2012-09-16 (Evolutionary Economics)
- NEP-EXP-2012-09-16 (Experimental Economics)
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