Advice, Social Learning and the Evolution of Conventions

Download or read book Advice, Social Learning and the Evolution of Conventions written by Andrew Schotter and published by Cambridge University Press. This book was released on 2023-01-23 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: As societies progress, old generations of social agents die and are replaced by new ones. This book explores what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen and follow the advice of their elders or dismiss it? Is intergenerational advice welfare improving or can it be destructive? Does such advice enhance the stability of social conventions or disrupt it? Using the concept of an Intergenerational Game and the tools of game theory and experimental economics, this study delves into the process of social leaning created by intergenerational advice passed from generation to generation. This book presents a unique theoretical and empirical study of the dynamics of social conventions not offered elsewhere.