Imitation and luck: An experimental study on social sampling

Theo Offerman and Andrew Schotter

Games and Economic Behavior, 2009, vol. 65, issue 2, 461-502

Abstract: In this paper, we present the results of two experiments on social sampling, where people make a risky decision after they have sampled the behavior of others who have done exactly the same problem before them. In an individual decision making problem as well as in the takeover game, the simple behavioral rule of imitating the best appears to be a robust description of behavior despite the fact that it is not optimal in any of the experimental tasks. Social sampling makes people look more risk seeking than the people who do not have the opportunity to sample.

Keywords: Social; learning; Risk; Experiment (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (36)

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Working Paper: Imitation and Luck: An Experimental Study on Social Sampling (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:65:y:2009:i:2:p:461-502

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