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Imitation - Theory and Experimental Evidence

  • Apesteguia, Jose
  • Huck, Steffen
  • Oechssler, Joerg

We introduce a generalized theoretical approach to study imitation models and subject the models to rigorous experimental testing. In our theoretical analysis we Þnd that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules. It is more important whom one imitates rather than how. In a laboratory experiment we test the different theories by systematically varying information conditions. We find that the generalized imitation model predicts the differences between treatments well. The data also provide support for imitation on the individual level, both in terms of choice and in terms of perception. But imitation is not unconditional. Rather individuals' propensity to imitate more successful actions is increasing in payoff differences.

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Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number qt3h0887tj.

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Date of creation: 10 Sep 2003
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Handle: RePEc:cdl:ucsbec:qt3h0887tj
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