Word-of-Mouth Communication and Social Learning

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ID: 300202
1995
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Abstract
This paper studies the way that word-of-mouth communication aggregates the information of individual agents. We find that the structure of the communication process determines whether all agents end up making identical choices, with less communication making this conformity more likely. Despite the players' naive decision rules and the stochastic decision environment, word-of-mouth communication may lead all players to adopt the action that is on average superior. These socially efficient outcomes tend to occur when each agent samples only a few others.
Reference Key
openalex_W2122489728 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Glenn Ellison, Drew Fudenberg
Journal the quarterly journal of economics
Year 1995
DOI
10.2307/2118512
URL
https://doi.org/10.2307/2118512
Keywords Keywords not found

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