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Do we follow others when we should outside the lab? Evidence from the AP top 25

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  • Daniel Stone

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  • Basit Zafar

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Abstract

We use data from the Associated Press college American football poll to analyze two types of ex-post optimality of social learning in a non-lab setting. The poll is a weekly subjective ranking of the top 25 teams, voted on by over 60 sports journalists. Voters potentially can learn from their peers by observing the aggregate ranks before updating their individual ranks. Our results indicate that, while voters do learn from their peers to some extent, the informativeness of peer ranks appears to be under-valued. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Daniel Stone & Basit Zafar, 2014. "Do we follow others when we should outside the lab? Evidence from the AP top 25," Journal of Risk and Uncertainty, Springer, vol. 49(1), pages 73-102, August.
  • Handle: RePEc:kap:jrisku:v:49:y:2014:i:1:p:73-102
    DOI: 10.1007/s11166-014-9195-y
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    References listed on IDEAS

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    1. repec:eee:jeborg:v:149:y:2018:i:c:p:239-268 is not listed on IDEAS

    More about this item

    Keywords

    Social learning; Conformity; Herding; Peers; Networks; D82; D83;

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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