Social Learning with Coarse Inference
نویسندگان
چکیده
We study social learning by boundedly rational agents. Agents take a decision in sequence, after observing their predecessors and a private signal. They are unable to make perfect inferences from their predecessors’ decisions: they only understand the relation between the aggregate distribution of actions and the state of nature and make their inferences accordingly. We show that, in a discrete action space, even if agents receive signals of unbounded precision, convergence to the truth does not occur. In a continuous action space, compared to the rational case, agents overweight early signals. Despite this behavioral bias, convergence to the truth eventually obtains.
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تاریخ انتشار 2009