Imitation—theory and experimental evidence |
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Authors: | Jose Apesteguia |
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Affiliation: | a Department of Economics and Business, Universitat Pompeu Fabra, Spain b Department of Economics and ELSE, University College London, UK c Department of Economics, University of Heidelberg, Grabengasse 14, 69117 Heidelberg, Germany |
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Abstract: | We introduce a generalized theoretical approach to study imitation and subject it to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are mainly explained by different informational assumptions, and to a lesser extent by different behavioral rules. In a laboratory experiment we test the different theories by systematically varying information conditions. We find significant effects of seemingly innocent changes in information. Moreover, the generalized imitation model predicts the differences between treatments well. The data provide support for imitation on the individual level, both in terms of choice and in terms of perception. Furthermore, individuals’ propensity to imitate more successful actions is increasing in payoff differences. |
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Keywords: | C72 C91 C92 D43 L13 |
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