Imitation - Theory and Experimental Evidence

Jose Apestgeguia, Steffen Huck and Jörg Oechssler
Additional contact information
Jose Apestgeguia: Department of Economics, Public University of Navarre. josej.apesteguia@unavarra.es

No 54, Discussion Papers from SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich

Abstract: We introduce a generalized theoretical approach to study imitation and subject it 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 significant effects of seemingly innocent changes in information. Moreover, the generalized imitation model predicts the differences between treatments well. The data 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.

Keywords: Evolutionary game theory; Stochastic stability; Imitation; Cournot markets; Information; Experiments; Simulations (search for similar items in EconPapers)
JEL-codes: C72 C91 C92 D43 L13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-exp and nep-gth
Date: Written
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Related works:
Working Paper: Imitation - Theory and Experimental Evidence (2003)
Working Paper: Imitation-Theory and Experimental Evidence- (2003)
Working Paper: Imitation - Theory and Experimental Evidence - (2005)
Working Paper: Imitation - Theory and Experimental Evidence (2003)
Working Paper: Imitation - Theory and Experimental Evidence (2004)
Working Paper: Imitation -- Theory and Experimental Evidence (2003)
Working Paper: Imitation - Theory and Experimental Evidence (2004)
Journal Article: Imitation--theory and experimental evidence (2007)
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