Experience goods, reinforcement learning, and social networks

Louis Dalpra
Additional contact information
Louis Dalpra: BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

Post-Print from HAL

Abstract: This paper explores decision-making processes in experience goods markets, emphasizing how agents learn to choose in situations where value is uncertain until after consumption.The study examines agents employing individual and social learning strategies within a multidimensional reinforcement learning framework, particularly in scenarios of repeated choices.Agents in our model gather insights from personal experiences and through recommendations within their social networks. The simulation results highlight the benefits of combining individual and social learning. While social learning yields consistent outcomes across agents, individual learning offers the possibility of higher rewards but also greater risks.A notable finding of this research is the development of asymmetrical influence patterns in social networks. This phenomenon refers to a tendency where certain agents become disproportionately influential in guiding others' choices, leading to a centralization in how advice is sought and followed within the network. This aspect of the model sheds light on the nuances of social dynamics in decision-making processes. The study enhances our understanding of consumer behavior in markets for experience goods, providing insights into the complex interplay of individual experiences and social influences in shaping economic decisions.

Date: 2025-05-21
Note: View the original document on HAL open archive server: https://hal.science/hal-05135741v1
References: Add references at CitEc
Citations:

Published in Journal of Economic Interaction and Coordination, 2025, ⟨10.1007/s11403-025-00447-1⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05135741

DOI: 10.1007/s11403-025-00447-1

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().