Social Learning about Consumption
type: Dataset
description: This paper applies a social learning model to the optimal consumption rule of Allen & Carroll (2001), and delivers convincing convergence dynamics towards the optimal rule. These findings constitute a significant improvement regarding previous results in the literature, both in terms of speed of convergence and parsimony of the learning model. The learning model exhibits several appealing features: it is frugal, easy to apply to a range of learning objectives, requires few procedures and little information. Particular care is given to behavioural interpretation of the modelling assumptions in light of evidence from the fields of psychology and social science. Our results highlight the need to depart from the genetic metaphor, and account for intentional decision-making, based on agents' relative performances. By contrast, we show that convergence is strongly hindered by exact imitation processes, or random exploration mechanisms, which are usually assumed when modelling social learning behaviour. Our results suggest a method for modelling bounded rationality, which could be tested most interestingly within the framework of a wide range of economic models with adaptive dynamics.
issued: 2026-05-05T11:38:54.420014
language: en
modified: 2026-05-05T11:38:54.420018
contact point: Organization
  fn: CCSD
keyword: bounded-rationality
keyword: consumption-rule
keyword: evolutionary-algorithms
keyword: infoeu-reposemanticspreprint
keyword: jel-c---mathematical-and-quantitative-methodscc6---mathematical-methods--programming-models--ma
keyword: jel-d---microeconomicsdd9---intertemporal-choicedd9d91---intertemporal-household-choice--life
keyword: jel-e---macroeconomics-and-monetary-economicsee2---consumption-saving-production-investment-l
keyword: learning
keyword: preprints-working-papers-
keyword: shsecohumanities-and-social-scienceseconomics-and-finance
landing page: https://hal.science/hal-00989233

Social Learning about Consumption
type: Distribution
format: HTML
issued: 2026-05-05T11:38:54.421840
modified: 2026-05-05T11:38:54.408035
access URL: https://hal.science/hal-00989233

test_moissonnage_selune
type: Agent