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Herding differently : A level-k model of social learning

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  • Penczynski, Stefan P.

Abstract

This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority (level-2), to a differentiated view on predecessors (level-3), etc. I present evidence from three sources that these are the prevalent types of reasoning in social learning: a review of social learning studies, existing data from Celen and Kariv (2004) as well as new experimental data that includes written accounts of reasoning from incentivized intra-team communication.

Suggested Citation

  • Penczynski, Stefan P., 2013. "Herding differently : A level-k model of social learning," Working Papers 13-01, University of Mannheim, Department of Economics.
  • Handle: RePEc:mnh:wpaper:32667
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    File URL: https://ub-madoc.bib.uni-mannheim.de/32667/1/Penczynski_13-01.pdf
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    More about this item

    Keywords

    Social learning ; levels of reasoning;

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • 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
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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