Exploring Information Acquisition in Social Learning

TL;DR

This paper models how online social networks influence individuals' initial beliefs through information acquisition, using rational inattention theory, and examines how these beliefs evolve over time through simulations and experiments.

Contribution

It introduces a novel model of initial belief formation in social learning influenced by online information, extending prior focus on belief updates.

Findings

Information acquisition significantly impacts initial beliefs.

Belief dynamics are sensitive to model parameters.

Simulations and experiments validate the proposed model.

Abstract

Social learning, a fundamental process through which individuals shape their beliefs and perspectives via observation and interaction with others, is critical for the development of our society and the functioning of social governance. Prior works on social learning usually assume that the initial beliefs are given and focus on the update rule. With the recent proliferation of online social networks, there is an avalanche amount of information, which may significantly influence users' initial beliefs. In this paper, we use the rational inattention theory to model how agents acquire information to form initial beliefs and assess its influence on their adjustments in beliefs. Furthermore, we analyze the dynamic evolution of belief distribution among agents. Simulations and social experiments are conducted to validate our proposed model and analyze the impact of model parameters on belief dynamics.