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| Author: | Offerman, T. Sonnemans, J. |
| Title: | Learning by experience and learning by imitating successful others |
| Journal: | Journal of Economic Behavior and Organization
1998 : VOL. 34:4, p. 559-576 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION SUCCESS |
| Language: | eng |
| Abstract: | It is examined whether successful individuals learn from experience and /or by imitation. Usually individual judgmental learning displays systematic biases against the ideal Bayesian model. Imitation of successful others may decrease such effects. In an experiment subjects make investment decisions and report expectations. The profitability of an investment depends on the realization of a stationary distribution of states of the world. The results indicate that people learn both from experience and by imitating successful others. |
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