Replication data for: Do We Follow Others When We Should? A Simple Test of Rational Expectations: Comment
Principal Investigator(s): View help for Principal Investigator(s) Anthony Ziegelmeyer; Christoph March; Sebastian Krügel
Version: View help for Version V1
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Project Citation:
Ziegelmeyer, Anthony, March, Christoph, and Krügel, Sebastian. Replication data for: Do We Follow Others When We Should? A Simple Test of Rational Expectations: Comment. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112679V1
Project Description
Summary:
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The payoff of actions is estimated and the resulting empirical payoff is controlled for in regression analyses to formulate a test of rational expectations in information cascade experiments. We show that the empirical payoff of actions is a function of estimates of choice probabilities and estimates of the information parameters of the game. We introduce an alternative empirical payoff of actions with true values of the information parameters. Our improved measure of the success of social learning confirms that rational expectations are violated, but deviations from rational expectations are statistically significantly smaller than in Weizsacher (2010).
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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