Replication data for: Do We Follow Others When We Should? A Simple Test of Rational Expectations
Principal Investigator(s): View help for Principal Investigator(s) Georg Weizsäcker
Version: View help for Version V1
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2008_0435_data | 10/11/2019 03:09:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 11:09:AM |
Project Citation:
Weizsäcker, Georg. Replication data for: Do We Follow Others When We Should? A Simple Test of Rational Expectations. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112388V1
Project Description
Summary:
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The paper presents a meta dataset covering 13 experiments on social learning games. It is found that in situations where it is empirically optimal to follow others and contradict one's own information, the players err in the majority of cases, forgoing substantial parts of earnings. The average player contradicts her own signal only if the empirical odds ratio of the own signal being wrong, conditional on all available information, is larger than 2:1, rather than 1:1 as would be implied by rational expectations. A regression analysis formulates a straightforward test of rational expectations which strongly rejects the null. (JEL D82, D83, D84)
Scope of Project
JEL Classification:
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D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D84 Expectations; Speculations
D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D84 Expectations; Speculations
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