The tree of experience in the forest of information: Overweighing experienced relative to observed information

• 成果类型: Article
• 署名作者: Simonsohn, Uri; Karlsson, Niklas; Loewenstein, George; Ariely, Dan
• 署名单位: University of Pennsylvania; University of Gothenburg; Carnegie Mellon University; Massachusetts Institute of Technology (MIT)
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2007.03.010
• 发表日期: 2008
• 页码: 263-286
• 关键词: experiential learning; Observational learning; repeated games; prisoner dilemma; weak-link; behavioral economics

摘要

Standard economic models assume that the weight given to information from different sources depends exclusively on its diagnosticity. In this paper we study whether the same piece of information is weighted more heavily simply because it arose from direct experience rather than from observation. We investigate this possibility by conducting repeated game experiments in which groups of players are randomly rematched on every round and receive feedback about the actions and outcomes of all players. We find that participants' actions are influenced more strongly by the behavior of players they directly interact with than by those they only observe. (C) 2007 Elsevier Inc. All rights reserved.