Conformism and diversity under social learning |
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Authors: | Venkatesh Bala Sanjeev Goyal |
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Institution: | (1) Department of Economics, McGill University, 855 Sherbrooke West, Montreal, H3A 2T7, CANADA (e-mail: cA1198@aol.com) , CA;(2) Econometric Institute, Erasmus University, 3000 DR Rotterdam, THE NETHERLANDS (e-mail: goyal@few.eur.nl) , NL |
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Abstract: | Summary. When there are competing technologies or products with unknown payoffs an important question is which technology will prevail
and whether technologies with different payoffs can coexist in the long run. In this paper, we use a social learning model
with local interactions to study this question. We show that the adoption of technologies as well as the prospects of conformism/diversity
depend crucially on the nature of interaction between individuals and the heterogeneity of preferences in a society.
Received: May 10, 1999; revised version: February 4, 2000 |
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Keywords: | and Phrases:Social learning Local interactions Conformism/ diversity Networks |
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