Learning from Neighbours
Abstract
When payoffs from different actions are unknown, agents use their own past experience as well as the experience of their neighbours to guide their decision making. In this paper, we develop a general framework to study the relationship between the structure of these neighbourhoods and the process of social learning. We show that, in a connected society, local learning ensures that all agents obtain the same payoffs in the long run. Thus, if...
Paper Details
Title
Learning from Neighbours
Published Date
Jul 1, 1998
Volume
65
Issue
3
Pages
595 - 621
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