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Do We Follow Others When We Should Outside the Lab? Evidence from the AP Top 25Daniel F. StoneBowdoin College - Department of Economics Basit ZafarFederal Reserve Bank of New York June 1, 2012 FRB of New York Staff Report No. 453 Abstract: We use data from the Associated Press U.S. college football poll to analyze the ex-post optimality of social learning in a non-lab setting. The poll is a weekly subjective ranking of the top 25 teams, voted on by over 60 sports journalists. The aggregate ranks are publicly observable each week before voters update their personal ranks, so voters can potentially learn from their peers. Our results indicate that, while voters do learn from their peers to some extent, the informativeness of peer ranks appears to be under-valued.
Number of Pages in PDF File: 34 Keywords: Social Learning, Conformity, Herding, Peers, Networks JEL Classification: D80, D83, D84 working papers seriesDate posted: June 22, 2010 ; Last revised: June 27, 2012Suggested Citation |
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