Conformism and diversity under social learning

Venkatesh Bala () and Sanjeev Goyal
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Venkatesh Bala: Department of Economics, McGill University, 855 Sherbrooke West, Montreal, H3A 2T7, CANADA

Economic Theory, 2001, vol. 17, issue 1, 120 pages

Abstract: When there are competing technologies or products with unknown payoffs an important question is which technology will prevail and whether technologies with different payoffs can coexist in the long run. In this paper, we use a social learning model with local interactions to study this question. We show that the adoption of technologies as well as the prospects of conformism/diversity depend crucially on the nature of interaction between individuals and the heterogeneity of preferences in a society.

Keywords: Social learning; Local interactions; Conformism/ diversity; Networks. (search for similar items in EconPapers)
JEL-codes: D83 L15 O30 Q16 R10 (search for similar items in EconPapers)
Date: 2000-11-14
Note: Received: May 10, 1999; revised version: February 4, 2000
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Working Paper: Conformism and diversity under social learning (1998)
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