Learning From The Skills Of Others: Experimental Evidence

Thomas Gilbert and Shimon Kogan

No 2006-E25, GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: This paper reports an experimental test of how, when observing others' actions, participants learn more than just information that the others have. We use a setting where all information is public and where subjects face two kinds of information sets: (1) the information that is necessary and su±cient for them to payoff-maximize and (2) the decisions of previous players. We show that by observing the second type of information subjects learn how to improve their own decision-making process. Specifically, the accurate players make small errors no matter what information set they face whereas the inaccurate players perform much better when the decisions of others are public.

Date: 2005-11
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