We isolate the information channel of peer effects in consumption in a setting that excludes a role for common shocks or social pressure—a spending panel paired with crowdsourced information about anonymous “peers” elicited at different times. Consumers converge to peers’ spending, and more so when peer signals are more informative. Convergence is asymmetric: within 12 months of information provision, overspenders close 17% and underspenders 5% of their gap relative to peers. We exploit the quasi-random assignment to peer groups in an instrumental-variable strategy and implement an experiment for external validity. Our results are consistent with information-based theories of overconsumption.

中文翻译：

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众包同行信息以改变消费行为


我们将消费中同伴效应的信息渠道隔离在一个排除了常见冲击或社会压力作用的环境中——一个支出小组与不同时间引发的匿名“同伴”的众包信息配对。消费者会趋向于同龄人的支出，当同龄人信号信息量更大时更是如此。趋同是不对称的：在信息提供后的 12 个月内，与同行相比，超支者缩小了 17%，支出不足者缩小了 5%。我们利用工具变量策略中对同伴群体的准随机分配，并实施了外部有效性实验。我们的结果与基于信息的过度消费理论一致。