… Do as the Romans do. A model of conformity with the endogenous formation of preferences
This note is an answer to a previous model on conformity in public goods contributions developed by Carpenter (2004), where a population evolution is allowed according to the standard replicator dynamic (Taylor and Jonker, 1978; Maynard Smith, 1982). To confirm his theoretical prediction, Carpenter developed an experiment showing that free riding actually grows faster when agents have the information necessary to conform. The model and the experiment are, however, inherently different, for the time scales of the model are not able to capture the short run convergence of behavior in the experimental laboratory.
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Volume (Year): 41 (2012)
Issue (Month): 5 ()
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References listed on IDEAS
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- Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 1039-1061.
- Carpenter, Jeffrey P., 2004.
"When in Rome: conformity and the provision of public goods,"
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics),
Elsevier, vol. 33(4), pages 395-408, September.
- Jeffrey Carpenter, 2002. "When In Rome: Conformity and the Provision of Public Goods," Middlebury College Working Paper Series 0217, Middlebury College, Department of Economics.
- Munro, Alistair & Sugden, Robert, 2003. "On the theory of reference-dependent preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 407-428, April. Full references (including those not matched with items on IDEAS)