Replication data for: Observational Learning and Demand for Search Goods
Principal Investigator(s): View help for Principal Investigator(s) Kenneth Hendricks; Alan Sorensen; Thomas Wiseman
Version: View help for Version V1
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Project Citation:
Hendricks, Kenneth, Sorensen, Alan, and Wiseman, Thomas. Replication data for: Observational Learning and Demand for Search Goods. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114393V1
Project Description
Summary:
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We develop a model of herds in which consumers observe only the aggregate purchase history, not the complete ordered history of search actions. We show that the purchasing information changes the conditions under which herds can occur for both low- and high-quality products. Inferior products are certain to be ignored; high
quality products may be ignored, but complete learning may also occur. We obtain closed form solutions for the probabilities of these events and conduct comparative statics. We test the model's predictions using data from an online music market created by Salganik, Dodds, and Watts (2006). (JEL D11, D12, L82)
Scope of Project
Subject Terms:
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Observational learning
JEL Classification:
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D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
L82 Entertainment; Media
D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
L82 Entertainment; Media
Data Type(s):
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other:;
experimental data
Methodology
Data Source:
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The data were generated in an experiment described in Salganik, Dodds, and Watts (2006).
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