American Economic Journal:
Microeconomics
ISSN 1945-7669 (Print) | ISSN 1945-7685 (Online)
Preferences and Social Influence
American Economic Journal: Microeconomics
vol. 10,
no. 3, August 2018
(pp. 124–42)
Abstract
Interaction between decision makers may affect their preferences. We consider a setup in which each individual is characterized by two sets of preferences: his unchanged core preferences and his behavioral preferences. Each individual has a social influence function that determines his behavioral preferences given his core preferences and the behavioral preferences of other individuals in his group. Decisions are made according to behavioral preferences. The paper considers different properties of these social influence functions and their effect on equilibrium behavior.Citation
Fershtman, Chaim, and Uzi Segal. 2018. "Preferences and Social Influence." American Economic Journal: Microeconomics, 10 (3): 124–42. DOI: 10.1257/mic.20160190Additional Materials
JEL Classification
- D11 Consumer Economics: Theory
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- Z13 Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
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