34 Pages Posted: 22 Jun 2010 Last revised: 16 Sep 2013
Date Written: June 1, 2012
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.
Keywords: Social Learning, Conformity, Herding, Peers, Networks
JEL Classification: D80, D83, D84
Suggested Citation: Suggested Citation
Stone, Daniel F. and Zafar, Basit, Do We Follow Others When We Should Outside the Lab? Evidence from the AP Top 25 (June 1, 2012). Journal of Risk and Uncertainty, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1628136 or http://dx.doi.org/10.2139/ssrn.1628136