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Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment

Guarino, A; Angrisani, M; Jehiel, P; Kitagawa, T; (2021) Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment. American Economic Journal: Microeconomics , 13 (3) pp. 163-197. 10.1257/mic.20180394. Green open access

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Abstract

We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their belief 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'.

Type: Article
Title: Information Redundancy Neglect versus Overconfidence: A Social Learning Experiment
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/mic.20180394
Publisher version: http://dx.doi.org/10.1257/mic.20180394
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10080633
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