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Shared Models in Networks, Organizations, and Groups

Author

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  • Joshua Schwartzstein
  • Adi Sunderam

Abstract

To understand new information, we exchange models or interpretations with others. This paper provides a framework for thinking about such social exchanges of models. The key assumption is that people adopt the interpretation in their network that best explains the data, given their prior beliefs. An implication is that interpretations evolve within a network. For many network structures, social learning mutes reactions to data: the exchange of models leaves beliefs closer to priors than they were before. Our results shed light on why disagreements persist as new information arrives, as well as the goal and structure of meetings in organizations.

Suggested Citation

  • Joshua Schwartzstein & Adi Sunderam, 2022. "Shared Models in Networks, Organizations, and Groups," NBER Working Papers 30642, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30642
    Note: AP CF
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    File URL: http://www.nber.org/papers/w30642.pdf
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    More about this item

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • G40 - Financial Economics - - Behavioral Finance - - - General

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