It is commonly thought that a picture is worth a thousand words. If that is so, one might ask how much data is a piece of advice worth. In other words, if advice is important than we should be able to measure it in two ways: How much data would a rational decision maker be willing to give up in...

We study learning in a simulated tournament using an inter-generational framework. Here a group of subjects are recruited into the lab and play the stage game for 10 rounds. After his participation is over, each player is replaced by another player, his laboratory descendant, who then plays the...

This paper investigates the development of conventions of trust in what we call intergenerational games, i.e., games played by a sequence of non-overplapping agents, who pass on advice on how to play the game across adjacent generations of players. Using the trust game of Berg et al. (1995) as...

Social learning is the process of individuals learning by observing the actions of others. In the real world, however, although people learn by observing the actions of others, they also learn from advice. This paper introduces advice giving into a standard social-learning problem. The...

We study learning in a simulated tournament using an inter-generational framework. Here a group of subjects are recruited into the lab and play the stage game for 10 rounds. After his participation is over, each player is replaced by another player, his laboratory descendant, who then plays the...