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Bayesian social learning, conformity, and stubbornness: evidence from the AP top 25
The recent nonexperimental literature on social learning focuses on showing that observational learning exists, that is, individuals do indeed draw inferences by observing the actions of others. We take this literature a step further by analyzing whether individuals are Bayesian social learners. We use data from the Associated Press (AP) U.S. College Football Poll, a weekly subjective ranking of the top twenty-five teams. The voters' aggregate rankings are available each week prior to when voters have to update their individual rankings, so voters can potentially learn from their peers. We ...