Dynamic choice in social settings. Learning from the experiences of others

Charles F. Manski*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

71 Scopus citations

Abstract

This paper uses elementary nonparametric regression theory to integrate economic and sociological thinking about expectations and choice. The main result is a Social Learning Proposition giving conditions implying that a person who observes the outcomes realized by a set of 'role models' can use these data to estimate nonparametrically the expected utility of an action. The Social Learning Proposition is first developed for static discrete choice and then extended to finite-horizon dynamic discrete choice problems. The key to the extension is a Representation Lemma showing that any dynamic problem has an observationally indistinguishable static representation.

Original languageEnglish (US)
Pages (from-to)121-136
Number of pages16
JournalJournal of Econometrics
Volume58
Issue number1-2
DOIs
StatePublished - Jan 1 1993

ASJC Scopus subject areas

  • Economics and Econometrics

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