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Imitation - Theory and Experimental Evidence

  • Jose Apesteguia

    (Public University of Navarre)

  • Steffen Huck

    (University College London)

  • Jorg Oechssler

    (University of Bonn)

We introduce a generalized theoretical approach to study imitation models and subject the models to rigorous experimental testing. In our theoretical analysis we find 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 EconWPA in its series Experimental with number 0309001.

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Length: 42 pages
Date of creation: 10 Sep 2003
Date of revision:
Handle: RePEc:wpa:wuwpex:0309001
Note: Type of Document - pdf; prepared on IBM PC; pages: 42 ; figures: included
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  18. Karl H. Schlag, 1995. "Why Imitate, and if so, How? A Bounded Rational Approach to Multi-Armed Bandits," Discussion Paper Serie B 361, University of Bonn, Germany, revised Mar 1996.
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