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SSRN Electronic Journal
Article . 2016 . Peer-reviewed
Data sources: Crossref
EconStor
Research . 2016
Data sources: EconStor
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Adaptive Social Learning

Authors: March, Christoph;

Adaptive Social Learning

Abstract

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly interact in social-learning settings with distinct information structures. In each round of interaction, they use their experience gained in past rounds to draw inferences from their predecessors’ current decisions. Such adaptation yields rational behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each round. Limited feedback may lead individuals to imitate uninformed predecessors. Moreover, adaptation across social-learning settings renders Bayes’ rule payoff-inferior compared to non-Bayesian belief updating rules and suggests that belief-updating rules are heterogeneous in the population.

Country
France
Keywords

JEL: C - Mathematical and Quantitative Methods/C.C7 - Game Theory and Bargaining Theory/C.C7.C73 - Stochastic and Dynamic Games • Evolutionary Games • Repeated Games, 330, ddc:330, analogies, adaptation, and Uncertainty/D.D8.D82 - Asymmetric and Private Information • Mechanism Design, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: D - Microeconomics/D.D8 - Information, informational herding, analogy-based expectations equilibrium, Non-Bayesian updating, non-Bayesian updating, D82, Knowledge, C73, D83, social Learning, and Uncertainty/D.D8.D83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness, social Learning,informational herding,adaptation,analogies,non-Bayesian updating

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
Green
bronze
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