Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment

• 成果类型: Article
• 署名作者: Angrisani, Marco; Guarino, Antonio; Jehiel, Philippe; Kitagawa, Toru
• 署名单位: University of Southern California; University of London; University College London; University of London; University College London
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20180394
• 发表日期: 2021
• 页码: 163-197
• 关键词: Herd behavior; financial-markets; cascades; agreement; MODEL

摘要

We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their beliefs about the value of a good after observing their predecessors' statements and a private signal. We compare the behavior in the laboratory with the Perfect Bayesian Equilibrium prediction and the predictions of bounded rationality models of decision-making: the redundancy of information neglect model and the overconfidence model. The results of our experiment are in line with the predictions of the overconfidence model and at odds with the others'.