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Social Learning, Search and Heterogeneity of Payoffs

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  • Edward Cartwright

Abstract

We consider a simple model that combines elements of search and social learning. Acting in sequence, and observing the action adopted by a previous agent, agents must search for an action. We explore why agent heterogeneity may increase expected payoffs and demonstrate that social learning may be most effective if agents are heterogenous.

Suggested Citation

  • Edward Cartwright, 2007. "Social Learning, Search and Heterogeneity of Payoffs," Studies in Economics 0705, School of Economics, University of Kent.
    • Handle: RePEc:ukc:ukcedp:0705
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    References listed on IDEAS

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    More about this item

    Keywords

    Social learning; search; herding;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

    NEP fields

    This paper has been announced in the following NEP Reports:

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