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Learning From The Skills Of Others: Experimental Evidence

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  • 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.

Suggested Citation

  • Thomas Gilbert & Shimon Kogan, 2005. "Learning From The Skills Of Others: Experimental Evidence," GSIA Working Papers 2006-E25, Carnegie Mellon University, Tepper School of Business.
  • Handle: RePEc:cmu:gsiawp:-564547622
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    File URL: https://student-3k.tepper.cmu.edu/gsiadoc/wp/2006-E25.pdf
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