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Conformism and Diversity under Social Learning

Venkatesh Bala and Sanjeev Goyal
Economic Theory
Vol. 17, No. 1 (Jan., 2001), pp. 101-120
Published by: Springer
Stable URL: http://www.jstor.org/stable/25055364
Page Count: 20
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Conformism and Diversity under Social Learning
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Abstract

When there are competing technologies or products with unknown payoffs an important question is which technology will prevail and whether technologies with different payoffs can coexist in the long run. In this paper, we use a social learning model with local interactions to study this question. We show that the adoption of technologies as well as the prospects of conformism/diversity depend crucially on the nature of interaction between individuals and the heterogeneity of preferences in a society.

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