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dc.contributor.authorZiegelmeyer, Anthonyen_US
dc.contributor.authorMarch, Christophen_US
dc.contributor.authorKrügel, Sebastianen_US
dc.date.accessioned2012-02-24en_US
dc.date.accessioned2012-04-11T09:28:37Z-
dc.date.available2012-04-11T09:28:37Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/56839-
dc.description.abstractWeizsäcker (2010) estimates the payoff of actions to test rational expectations and to measure the success of social learning in information cascade experiments. He concludes that participants perform poorly when learning from others and that rational expectations are violated. We show that his estimated payoffs rely on estimates of the publicly known prior and signal qualities which may lead the formulated test of rational expectations to generate false positives. We rely on the true values of the prior and signal qualities to estimate the payoff of actions. We confirm that the rational expectations hypothesis is rejected, but we measure a much larger success of social learning.en_US
dc.language.isoengen_US
dc.publisherUniv. [u.a.] Jenaen_US
dc.relation.ispartofseriesJena economic research papers 2012,006en_US
dc.subject.jelC92en_US
dc.subject.jelD82en_US
dc.subject.ddc330en_US
dc.subject.keywordinformation cascadesen_US
dc.subject.keywordlaboratory experimentsen_US
dc.subject.keywordquantal response equilibriumen_US
dc.subject.stwHerdenverhaltenen_US
dc.subject.stwRationale Erwartungen_US
dc.subject.stwTesten_US
dc.title"Do we follow others when we should? A simple test of rational expectations": Commenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn687471303en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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