learning and information aggregation in networks

Douglas Gale and Shachar Kariv
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

‘Social learning’ is a process whereby economic agents learn by observing the behaviour of others. ‘Social learning in networks’ requires sophistication because individuals draw inferences from the behaviour of agents they cannot directly observe. Theoretical research suggests that, even if networks are very incomplete, social learning leads to uniform behaviour. Experimental evidence suggests that learning in networks conforms quite well to theoretical predictions. It also illustrates how the network architecture influences the pattern of learning and the efficiency of information aggregation.
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How to cite this article

Gale, Douglas and Shachar Kariv. "learning and information aggregation in networks." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 23 September 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_L000218> doi:10.1057/9780230226203.0952

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