Abstract
We use data from the Associated Press U.S. college football poll to analyze the ex-post optimality of social learning in a non-lab setting. The poll is a weekly subjective ranking of the top 25 teams, voted on by over 60 sports journalists. The aggregate ranks are publicly observable each week before voters update their personal ranks, so voters can potentially learn from their peers. Our results indicate that, while voters do learn from their peers to some extent, the informativeness of peer ranks appears to be under-valued.
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