Herding differently: A level-k model of social learning

Stefan P. Penczynski

No 13-01, Working Papers from University of Mannheim, Department of Economics

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.

Keywords: Social learning; levels of reasoning (search for similar items in EconPapers)
JEL-codes: C91 D82 D83 D84 (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-cbe, nep-evo and nep-exp
References: Add references at CitEc
Citations:

Downloads: (external link)
https://madoc.bib.uni-mannheim.de/32667/1/Penczynski_13-01.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mnh:wpaper:32667

Access Statistics for this paper

More papers in Working Papers from University of Mannheim, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Katharina Rautenberg ().