Which one should I imitate? Schlag, Karl H.

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Schlag, Karl H.
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The Journal of Mathematical Economics
Social learning -- Research; Imitation -- Research; Econometrics & Model Building
A study was conducted to analyze how a bounded rational person should learn from the experience of a limited number of other individuals who face the same decision. The double sampling method was utilized, in which an individual may learn between making choices from the experience of two other randomly chosen persons. Results indicated that the formalization of performance correlates with the same class of so-called 'strictly improving' behavioral rules.
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