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Imitation - Theory and Experimental Evidence

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Author Info
Jose Apesteguia
Steffen Huck
Jörg Oechssler

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Abstract

We introduce a generalized theoretical approach to study imitation models and subject the models to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules. It is more important whom one imitates rather than how. In a laboratory experiment we test the different theories by systematically varying information conditions. We find that the generalized imitation model predicts the differences between treatments well. The data also provide support for imitation on the individual level, both in terms of choice and in terms of perception. But imitation is not unconditional. Rather individuals' propensity to imitate more successful actions is increasing in payoff differences.

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Publisher Info
Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse20_2003.

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Length: 44
Date of creation: Sep 2003
Date of revision: Aug 2004
Handle: RePEc:bon:bonedp:bgse20_2003

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=494

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Related research
Keywords: Evolutionary game theory; Stochastic stability; Imitation; Cournot markets; Experiments;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

References listed on IDEAS
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  1. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May. [Downloadable!] (restricted)
  2. Canning, David, 1992. "Average behavior in learning models," Journal of Economic Theory, Elsevier, vol. 57(2), pages 442-472, August. [Downloadable!] (restricted)
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  3. Schlag, Karl H., 1999. "Which one should I imitate?," Journal of Mathematical Economics, Elsevier, vol. 31(4), pages 493-522, May. [Downloadable!] (restricted)
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  4. Schlag, Karl H., 1998. "Why Imitate, and If So, How?, : A Boundedly Rational Approach to Multi-armed Bandits," Journal of Economic Theory, Elsevier, vol. 78(1), pages 130-156, January. [Downloadable!] (restricted)
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  5. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2004. "Two are few and four are many: number effects in experimental oligopolies," Journal of Economic Behavior & Organization, Elsevier, vol. 53(4), pages 435-446, April. [Downloadable!] (restricted)
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  6. Reinhard Selten & Axel Ostmann, 2001. "Imitation Equilibrium," Homo Oeconomicus, Institute of SocioEconomics, vol. 18, pages 111-149.
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  7. Ellison, Glenn & Fudenberg, Drew, 1995. "Word-of-Mouth Communication and Social Learning," The Quarterly Journal of Economics, MIT Press, vol. 110(1), pages 93-125, February. [Downloadable!] (restricted)
  8. Reinhard Selten & Jose Apesteguia, 2002. "Experimentally Observed Imitation and Cooperation in Price Competition on the Circle," Bonn Econ Discussion Papers bgse19_2002, University of Bonn, Germany. [Downloadable!]
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  9. Offerman, Theo & Potters, Jan & Sonnemans, Joep, 2002. "Imitation and Belief Learning in an Oligopoly Experiment," Review of Economic Studies, Blackwell Publishing, vol. 69(4), pages 973-97, October.
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  10. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2000. "Does information about competitors' actions increase or decrease competition in experimental oligopoly markets?," International Journal of Industrial Organization, Elsevier, vol. 18(1), pages 39-57, January. [Downloadable!] (restricted)
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  11. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  12. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 1999. "Learning in Cournot Oligopoly--An Experiment," Economic Journal, Royal Economic Society, vol. 109(454), pages C80-95, March. [Downloadable!] (restricted)
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  13. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January. [Downloadable!] (restricted)
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  14. Bjornerstedt, J. & Weibull, J.W., 1993. "Nash Equilibrium and Evolution by Imitation," DELTA Working Papers 93-23, DELTA (Ecole normale supérieure).
  15. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
  16. Carlos Alós-Ferrer, 2001. "Cournot versus Walras in Dynamic Oligopolies with Memory," Vienna Economics Papers 0110, University of Vienna, Department of Economics. [Downloadable!]
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  17. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-81, September. [Downloadable!] (restricted)
  18. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May. [Downloadable!] (restricted)
  19. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Markus Kinateder, 2009. "Team Formation in a Network," Working Papers 2009.37, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  2. Peter Dürsch & Albert Kolb & Jörg Oechssler & Burkhard C. Schipper, 2005. "Rage Against the Machines: How Subjects Learn to Play Against Computers," Working Papers 0423, University of Heidelberg, Department of Economics, revised Oct 2005. [Downloadable!]
    Other versions:
  3. Mengel, Friederike, 2007. "Conformism and Cooperation in a Local Interaction Model," MPRA Paper 4051, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Jayasri Dutta & Kislaya Prasad, 2004. "Imitation and Long Run Outcomes," Topics in Theoretical Economics, Berkeley Electronic Press, vol. 4(1), pages 1163-1163. [Downloadable!] (restricted)
  5. Alexander Matros, 2006. "Altruistic Versus Rational Behavior in a Public Good Game," Working Papers 309, University of Pittsburgh, Department of Economics, revised Sep 2008. [Downloadable!]
  6. Jordi Brandts & Klaus Abbink, 2004. "24," Levine's Bibliography 122247000000000073, UCLA Department of Economics. [Downloadable!]
  7. Apesteguia, Jose & Huck, Steffen & Oechssler, Jörg & Weidenholzer, Simon, 2007. "Imitation and the Evolution of Walrasian Behavior: Theoretically Fragile but Behaviorally Robust," Sonderforschungsbereich 504 Publications 07-69, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
    Other versions:
  8. Alessandro Lizzeri & Marciano Siniscalchi, 2006. "Parental Guidance and Supervised Learning," Levine's Bibliography 321307000000000395, UCLA Department of Economics. [Downloadable!]
    Other versions:
  9. Mengel, Friederike & Fosco, Constanza, 2007. "Cooperation through Imitation and Exclusion in Networks," MPRA Paper 5258, University Library of Munich, Germany. [Downloadable!]
  10. Maria Bigoni, 2008. "Information and Learning in Oligopoly: an Experiment," "Marco Fanno" Working Papers 0072, Dipartimento di Scienze Economiche "Marco Fanno". [Downloadable!]
  11. Nikos Nikiforakis, 2008. "Feedback; Punishment and Cooperation in Public Good Experiments," Department of Economics - Working Papers Series 1036, The University of Melbourne. [Downloadable!]
  12. Jens Josephson & Karl Wärneryd, 2004. "Long-Run Selection and the Work Ethic," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  13. Niall O'Higgins & Patrizia Sbriglia, 2006. "Are Imitative Strategies Game Specific? Experimental Evidence from Market Games," Labsi Experimental Economics Laboratory University of Siena 011, University of Siena. [Downloadable!]
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