Book contents
- Frontmatter
- Dedication
- Brief Contents
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- Part I Background
- Part II Coordination, Distribution, and Trust Conventions
- Part III The Impact of Public Advice and Common Knowledge
- Part IV The Value of Advice
- 9 Learning with the Advice of a Meddlesome Boss
- 10 Advice and Social Learning
- 11 The Market for Advice
- Part V Advice and Economic Mechanisms
- Index
10 - Advice and Social Learning
from Part IV - The Value of Advice
Published online by Cambridge University Press: 09 March 2023
- Frontmatter
- Dedication
- Brief Contents
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- Part I Background
- Part II Coordination, Distribution, and Trust Conventions
- Part III The Impact of Public Advice and Common Knowledge
- Part IV The Value of Advice
- 9 Learning with the Advice of a Meddlesome Boss
- 10 Advice and Social Learning
- 11 The Market for Advice
- Part V Advice and Economic Mechanisms
- Index
Summary
Social learning describes any situation in which individuals learn by observing the behavior of others. In the real world, however, individuals learn not just by observing the actions of others, but also learn from advice. This chapter introduces advice giving into the standard social learning experiment of Çelen and Kariv (2005). The experiments are designed so that both pieces of information action and advice are equally informative (in fact, identical) in equilibrium. Despite the informational equivalence of advice and actions, we ... find that subjects in a laboratory social-learning situation appear to be more willing to follow the advice given to them by their predecessor than to copy their action, and that the presence of advice increases subjects’ ’welfare.
- Type
- Chapter
- Information
- Advice, Social Learning and the Evolution of Conventions , pp. 267 - 293Publisher: Cambridge University PressPrint publication year: 2023