We present a novel experimental design to study social learning in the laboratory. Subjects have to predict the value of a good in a sequential order. We elicit each subject's belief twice: first ("prior belief"), after he observes his predecessors' action; second ("posterior belief"), after he...

We present a social learning experiment in which subjects predict the value of a good in sequence. We elicit each subject's belief twice: first ("first belief"), after he observes his predecessors' prediction; second, after he also observes a private signal. Our main result is that subjects...

We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their belief about the value of a good, after observing their predecessors' statements and a private signal. We compare the behavior in the laboratory with the Perfect Bayesian Equilibrium...

The Wald development of statistical decision theory addresses decision making with sample data. Wald's concept of a statistical decision function (SDF) embraces all mappings of the form [data → decision]. An SDF need not perform statistical inference; that is, it need not use data to draw...

We study social learning in a continuous action space experiment. Subjects, acting in sequence, state their belief about the value of a good, after observing their predecessors' statements and a private signal. We compare the behavior in the laboratory with the Perfect Bayesian Equilibrium...

This paper modifies the Wald development of statistical decision theory to offer new perspective on the performance of certain statistical treatment rules. We study the quantile performance of test rules, ones that use the outcomes of hypothesis tests to allocate a population to two treatments....