Advice, Social Learning and the Evolution of Conventions

ISBN-13: 9781316518076 / Twarda / 2023 / 250 str.

Andrew (New York University) Schotter

Opis

Introduces advice into economic analysis and explores its impact on decision-making and the evolution of conventions of behavior.

Recenzje

'People usually communicate with others before making important choices. One form of communication is advice, particularly from trusted sources. A primary example is intergenerational advice, passed along from parents to children. Andrew Schotter is a pioneer regarding such advice in laboratory experiments. In this brilliant work, he describes how intergenerational advice plays out in a wide variety of environments. It is time for researchers to delve more deeply into this realm and this will help pave the way.' Gary Charness, University of California, Santa Barbara

Spis treści

1. Introduction; Part I. Background: 2. Advice; 3. Conventions, social learning, and Intergenerational games; Part II. Coordination, Distribution, and Trust Conventions: 4. On the evolution of co-ordination and inequality preserving conventions- -the battle of the sexes revisited; 5. Conventional behavior and bargaining – – advice and behavior in intergenerational; 6. Trust and trustworthiness; Part III. The Impact of Public Advice and Common Knowledge: 7. The impact of private and public advice in the minimum effort game; 8. Advice and common knowledge in the 2/3rd's guessing game: does advice increase strategic sophistication; 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: 12. Chatting and matching; 13. School matching and learning under the influence of intergenerational advice; 14. Conclusions.