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Imitation - Theory and Experimental Evidence -

Jose Apesteguia (), Steffen Huck () and Jörg Oechssler

No 419, Working Papers from University of Heidelberg, Department of Economics

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 di¤erent 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 pro- vide 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; Imita- tion; 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 and nep-exp
Date: 2005-04, Revised 2005-04
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http://www.uni-heidelberg.de/md/awi/forschung/dp419.pdf (application/pdf)

Related works:
Journal Article: Imitation--theory and experimental evidence (2007) Downloads
Working Paper: Imitation - Theory and Experimental Evidence (2005) Downloads
Working Paper: Imitation - Theory and Experimental Evidence (2003) Downloads
Working Paper: Imitation - Theory and Experimental Evidence (2003) Downloads
Working Paper: Imitation-Theory and Experimental Evidence- (2003) Downloads
Working Paper: Imitation - Theory and Experimental Evidence (2003) Downloads
Working Paper: Imitation - Theory and Experimental Evidence (2003) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:awi:wpaper:0419

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