Do we follow others when we should outside the lab? Evidence from the AP Top 25

Daniel F. Stone, Basit Zafar

Research output: Contribution to journalArticle

3 Scopus citations

Abstract

We use data from the Associated Press college American football poll to analyze two types of 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. Voters potentially can learn from their peers by observing the aggregate ranks before updating their individual ranks. Our results indicate that, while voters do learn from their peers to some extent, the informativeness of peer ranks appears to be under-valued.

Original languageEnglish (US)
Pages (from-to)73-102
Number of pages30
JournalJournal of Risk and Uncertainty
Volume49
Issue number1
DOIs
StatePublished - Jan 1 2014
Externally publishedYes

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Keywords

  • Conformity
  • Herding
  • Networks
  • Peers
  • Social learning

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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