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On a diversity of perspectives and world views: Learning under Bayesian vis-á-vis DeGroot updating

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  • Ghosh, Aniruddha
  • Khan, M. Ali

Abstract

In an influential recent paper, Mailath–Samuelson formalize learning and reasoning through “model-based inference” and Bayesian updating. In this announcement, we substitute DeGroot’s heuristic for Bayesian updating by (i) furnishing a plausible interaction matrix that agents use to weigh each other’s beliefs, and by (ii) using this matrix to derive properties of the process for the DeGroot updating of beliefs by agents and oracles. The alternative argumentation that we provide facilitates bridging the literature on networks and that on model-based learning and inference; and it identifies productive and ongoing directions for further investigation.

Suggested Citation

  • Ghosh, Aniruddha & Khan, M. Ali, 2021. "On a diversity of perspectives and world views: Learning under Bayesian vis-á-vis DeGroot updating," Economics Letters, Elsevier, vol. 202(C).
    • Handle: RePEc:eee:ecolet:v:202:y:2021:i:c:s0165176521001166
    DOI: 10.1016/j.econlet.2021.109839
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    References listed on IDEAS

    as
    1. George J. Mailath & Larry Samuelson, 2020. "Learning under Diverse World Views: Model-Based Inference," American Economic Review, American Economic Association, vol. 110(5), pages 1464-1501, May.
    2. Jan-Willem Romeijn & Olivier Roy, 2018. "All agreed: Aumann meets DeGroot," Theory and Decision, Springer, vol. 85(1), pages 41-60, July.
    3. Pooya Molavi & Alireza Tahbaz‐Salehi & Ali Jadbabaie, 2018. "A Theory of Non‐Bayesian Social Learning," Econometrica, Econometric Society, vol. 86(2), pages 445-490, March.
    4. Benjamin Golub & Matthew O. Jackson, 2012. "How Homophily Affects the Speed of Learning and Best-Response Dynamics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(3), pages 1287-1338.
    5. Raffaella Giacomini & Vasiliki Skreta & Javier Turen, 2020. "Heterogeneity, Inattention, and Bayesian Updates," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(1), pages 282-309, January.
    6. Arun G. Chandrasekhar & Horacio Larreguy & Juan Pablo Xandri, 2020. "Testing Models of Social Learning on Networks: Evidence From Two Experiments," Econometrica, Econometric Society, vol. 88(1), pages 1-32, January.
    7. Richard Bradley, 2018. "Learning from others: conditioning versus averaging," Theory and Decision, Springer, vol. 85(1), pages 5-20, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bayesian updating; DeGroot’s consensus; Learning; Models; Oracles;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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